From the Pages of The Pomerantz Monitor: SEC Signals Another Compensation “Clawback” Attempt

by Carolyn Moskowitz, for Pom Talk, January 26, 2010.

After years of inaction, the SEC is apparently now ramping up its efforts to enforce the “clawback” provision of the Sarbanes Oxley Act. The provision allows the recovery of incentive compensation from the CEO and CFO if the financial results on which the awards were based are later restated. After recently suing two retired executives under the provision, the SEC has now sent a “Wells Notice” to the CEO of Beazer Homes USA, telling him that the staff has recommended that proceedings be brought to recover some or all of his incentive pay…(continue reading)

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