A key lesson from the April 25 Celadon Group Inc. accounting fraud case is that a company’s response to a federal investigation can be paramount to obtaining a deferred prosecution agreement and avoiding an independent compliance monitor.
That’s the opinion of Julie Myers Wood, CEO of compliance consultant Guidepost Solutions, after Celadon announced Thursday that it signed a deferred prosecution agreement with the U.S. Department of Justice. The Indianapolis-based trucking company agreed to pay $42.2 million in restitution to shareholders to settle securities fraud charges for “filing materially false and misleading statements to investors and falsifying books, records and accounts.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]