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What Departing Directors Need to Know
Beginning of article
The Sarbanes-Oxley Act of 2002 is the most significant piece of federal securities legislation to impact directors and officers of public companies in the last 50 years. The basic intent of the legislation was to instill a stronger framework for corporate governance, enhance accounting oversight and rebuild investor confidence. This piece of legislation, read in its entirety, is lengthy and complex. An often overlooked section of the Act is Section 804 of Title VIII - Corporate and Criminal Fraud Accountability. Simply stated, Section 804 extends the statute of limitations for securities fraud to five years. In other words, directors and officers can be held personally liable for acts of …
