To qualify as a corporate whistleblower under the anti-retaliation provisions in the Sarbanes Oxley Act, a worker cannot merely point out financial wrongdoing but must allege conduct that amounts to shareholder fraud, a federal judge has ruled.
The decision in Wiest v. Lynch by U.S. District Judge Gene E.K. Pratter dismisses a suit brought by a former Tyco Electronics accounting employee who claims he was fired for refusing to approve the company’s spending on lavish events in Las Vegas and the Bahamas.
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