Co-authored by Jason F. Clouser.
The Securities and Exchange Commission recently filed a complaint in Federal Court in Texas against Michael A. Baker, the former Chief Executive Officer of ArthroCare Corporation (ArthroCare), and Michael T. Gluk, its former Chief Financial Officer, asserting claims under Section 304 of the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley). In its complaint, the SEC is seeking to force Baker and Gluk to reimburse ArthroCare for incentive compensation they received during the 12-month periods immediately following ArthroCare’s release of financial statements that it later restated, as well as for the profits they obtained from their sales of company stock during these periods.
Continue Reading SEC Seeks Repayment of Executive Compensation Based On Sarbanes-Oxley Act