Jul 15
A trade secret, according to the World Intellectual Property Organization, is defined as: Broadly speaking, any confidential business information which provides an enterprise a competitive edge may be considered a trade secret. Trade secrets encompass manufacturing or industrial secrets and commercial secrets. The unauthorized use of such information by persons other than the holder is …
Permanent link to this article: https://betweenthenumbers.net/2013/07/top-10-trade-secret-verdicts/
Jul 11
E-Mails seem to be taking over as a primary source of communication. They are a quick and efficient means of communication and many people are accessible via email no matter where they are (i.e. through their mobile/smart phones). However, many probably do not think of e-mails as formal documents or binding contracts. Shepard Davidson and …
Permanent link to this article: https://betweenthenumbers.net/2013/07/court-concludes-e-mails-communication-indicates-binding-contract/
Jul 09
In 2011, the Public Company Accounting Oversight Board (“PCAOB”) issued a Concept Release on Auditor Independence and Audit Firm Rotation, seeking public comment on: “ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation.” Apparently, the House of Representatives had a …
Permanent link to this article: https://betweenthenumbers.net/2013/07/house-prohibits-mandatory-audit-firm-rotation/
Jul 06
Based on the sheer volume of headlines in the media, one might think that this lost earnings claim either has some extraordinary circumstances and/or involves a celebrity. However, it appears that neither of those are true. From a legal and economic damages standpoint, the alleged wrongful termination and gender discrimination claims are routine. So, why …
Permanent link to this article: https://betweenthenumbers.net/2013/07/lost-earnings-claim-getting-way-more-press-than-it-deserves/
Jul 02
The Financial Accounting Standards Board (“FASB”) recently issued a proposal to improve practices surrounding the responsibility for assessing and reporting whether an entity is a “going concern”. Financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have an inherent presumption that the entity is able to continue with its operations, realizing its assets and honoring its …
Permanent link to this article: https://betweenthenumbers.net/2013/07/fasb-stepping-in-on-going-concern-assessments-and-disclosure/
Jun 28
The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has released an updated Internal Control – Integrated Framework in the fight against fraud. It provides expanded practical advice regarding effective implementation of internal controls. COSO is a joint initiative of five private sector organizations with a shared interest in enterprise risk management, internal control and fraud …
Permanent link to this article: https://betweenthenumbers.net/2013/06/new-guidelines-for-fraud-deterrence/
Jun 27
A recent decision has clarified the reach of the protections offered to whistleblowers under Section 806 of the Sarbanes-Oxley Act of 2002 (“SOX”). In the matter of Lockheed Martin Corporation v. Administrative Review Board, United States Department of Labor, it has been determined that SOX whistleblower protection extends beyond employee reporting of frauds on shareholders. …
Permanent link to this article: https://betweenthenumbers.net/2013/06/whistleblower-protection-does-not-require-fraud-on-shareholders/
Jun 20
The 2008 Supreme Court ruling in Riegel v. Medtronic held that if a medical device passed the Food and Drug Administration’s (FDA’s) safety review and received premarket approval, federal law barred common-law state claims that challenge the device’s saftey and effectiveness or whether it was being marketed consistent with FDA premarket approval. Since this ruling, some …
Permanent link to this article: https://betweenthenumbers.net/2013/06/medical-device-manufacturers-may-be-fighting-more-personal-injury-lawsuits-in-the-near-future/
Jun 19
The Securities and Exchange Commission(“SEC”) announced the agency has approved its second Dodd-Frank whistleblower award since the program’s 2011 inception, this time to three individuals who were each deemed to have provided information related to a $7.5 million enforcement action that was (i) voluntary, (ii) original, and (iii) led to the successful result. The SEC’s “fact …
Permanent link to this article: https://betweenthenumbers.net/2013/06/sec-whistleblowers-rewarded/
Jun 17
Many states have laws requiring patients to file medical malpractice claims by a defined time period. If the patient misses the defined time period, he/she may see the claim quickly tossed. However, a recent Wyoming Supreme Court reversed a malpractice ruling citing that the District Court Judge wrongly ruled that plaintiff failed to timely file …
Permanent link to this article: https://betweenthenumbers.net/2013/06/statute-of-limitations-interpretation-on-filing-a-medical-malpractice-suit-may-vary-even-within-states/