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Accounting-Related Class-Action Lawsuits Jump in 2014

Tammy Whitehouse | April 1, 2015

A rise in restatements among accelerated filers coupled with increased accounting enforcement actions at the Securities and Exchange Commission are causing a spike in securities class actions involving accounting allegations.

A recent report from Cornerstone Research says securities class action filings changed little overall from 2013 to 2014, but cases involving allegations of accounting improprieties jumped sharply from 47 in 2013 to 69 the following year. More than one in four accounting case filings made a direct reference to an SEC inquiry or action, the report says, the highest incidence in five years. Accounting allegations involving restatements increased both in number and as a percentage of total accounting actions to the highest...

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