The share prices of nearly 32 companies – from GrubHub to GoPro — that reported material weaknesses in their accounting systems last year have surged by an average of 42% since their stock debuts, reveals a Proskauer Rose study. The study from the New York law firm found that about 30% of companies that went public last year acknowledged that they were at serious risk of incorrectly reporting their financial information. Investors’ risk-taking mindset overlooks key metrics Ever since the passage of the Sarbanes-Oxley Act in 2002, companies are required to report material weaknesses, with public companies required to satisfy their auditors that...
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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations.
He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications.
His hobbies are tracking global financial developments and watching sports
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