- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2021-09-03T15:03:00
Kraft Heinz agreed to pay $62 million as part of a settlement with the SEC for improper accounting that led to the restatement of several years of financial reporting.
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The amount of accounting and audit enforcement actions by the Securities and Exchange Commission and Public Company Accounting Oversight Board decreased in 2021, resulting in a sharp decline in monetary settlements, according to Cornerstone Research.
Kraft Heinz will restate nearly three years of financial results after determining employee misconduct in procurement caused a net $208 million misstatement in product costs.
Following a string of accounting and reporting problems, Kraft Heinz Co. disclosed it is under investigation by the SEC and reported a $15.4 billion impairment charge.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
