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Second Circuit Review: Securities Fraud: Accountant May Be Primarily Liable
March 28, 2007 Full PDF
Litigation partners Marty Flumenbaum and Brad Karp's "Second Circuit Review" column appeared in the March 28 New York Law Journal. The article, "Securities Fraud: Accountant May Be Primarily Liable," reports on the U.S. Court of Appeals for the Second Circuit's decision in Overton v. Todman & Co., which addresses an increasingly important concern: "that an accountant's failure to correct its certified opinion or financial statement may, in certain circumstances, give rise to a primary violation of the federal securities laws." As a result of the decision on Overton, any person involved in the securities markets must proceed with great care when assisting clients with documents that will be provided to potential investors. Associate David Lin assisted in the preparation of the column. A link to the article is attached.