By a vote of 8-1, the Supreme Court tightened the rules on shareholder lawsuits, thereby making it tougher for plaintiffs to recover their losses from companies accused of financial wrongdoing. Writing for the opinion, Justice Ruth Bader Ginsburg said a shareholder suit would be allowed to proceed only if the facts in the case are "cogent and compelling," in their intention to deceive stakeholders. The high court ruling comes as a result of a shareholder suit filed against technology concern Tellabs Inc. of Illinois. The suit charged that the high-tech company engaged in a fraudulent plan to artificially inflate the stock price and accused the chief executive of misleading investors about a high demand for the company's products.
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Farming it out; short circuited; California dreamin'; and other highlights of recent tax cases.
March 28 -
The Public Company Accounting Oversight Board sanctioned PricewaterhouseCoopers' member firms in the U.S. and Australia over auditing quality control violations, imposing a $2.75 million and $600,000 penalty.
March 28 -
Experts share what young accountants should look for in a firm and how to approach their careers.
March 28 -
The ERP software provider is expanding its generative AI-driven feature to over 200 new places.
March 28 -
The campaign is part of a larger effort by the IRS to increase its scrutiny of high-income taxpayers and large businesses to help close the tax gap.
March 28 -
The Top 25 Firm is adding a tax, assurance, advisory and real estate consulting firm in Birmingham, Alabama.
March 28