Day: June 3, 2015

Lixil’s China Accounting Fraud Woes Trigger Losses of $533 Million

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http://www.wsj.com/articles/lixils-china-woes-trigger-losses-of-533-million-1433322234

http://www.ft.com/intl/cms/s/0/3bb3b760-098b-11e5-8534-00144feabdc0.html#axzz3bzDeABZV

Lixil’s China Woes Trigger Losses of $533 Million: Losses stem from accounting scandal at Joyou unit

ERIC PFANNER And MEGUMI FUJIKAWA

Updated June 3, 2015 5:25 a.m. ET

TOKYO— Lixil Group Corp., a Japanese provider of bathroom fixtures and building supplies that has expanded aggressively overseas, said Wednesday that an accounting scandal at a subsidiary operating in China would cause up to ¥66.2 billion ($533 million) in one-time losses. Continue reading →

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Digital Domain Holdings became the latest Hong Kong stock to tumble after surging more than 500 percent in a matter of months, following declines in Hanergy and Goldin

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http://www.bloomberg.com/news/articles/2015-06-03/hong-kong-has-another-boom-to-bust-stock-mystery-digital-domain

Hong Kong Has New Boom-to-Bust Stock Mystery: Digital Domain

by Kana Nishizawa

June 3, 2015 — 2:10 PM SGTUpdated on June 3, 2015 — 6:39 PM SGT

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Digital Domain Holdings Ltd. became the latest Hong Kong stock to tumble after surging more than 500 percent in a matter of months, following declines in Hanergy Thin Film Power Group Ltd. and Goldin Financial Holdings Ltd.

The company, which owns a majority stake in the visual-effects producer for Hollywood movies including Iron Man 3, sank as much as 61 percent in Hong Kong Wednesday without an immediate explanation. The stock closed 41 percent lower amid record volume. Digital Domain was unaware of any reason for the drop, according to a regulatory filing, while the company declined to immediately comment in response to questions. Continue reading →

SEC Eyes Broadened ‘Clawback’ Restrictions; Firms whose financial statements contain errors may have to revoke some executives’ pay

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http://www.wsj.com/articles/sec-eyes-broadened-clawback-restrictions-1433285178

SEC Eyes Broadened ‘Clawback’ Restrictions; Firms whose financial statements contain errors may have to revoke some executives’ pay

SEC Chairman Mary Jo White is under pressure to advance long-delayed post-financial-crisis rules, including several related to executive compensation. PHOTO: ANDREW HARRER/BLOOMBERG NEWS

ANDREW ACKERMAN

June 2, 2015 6:46 p.m. ET

WASHINGTON—U.S. companies whose financial statements contain errors may soon have to “claw back” some of their top executives’ compensation as a result. The Securities and Exchange Commission will soon propose long-awaited rules forcing companies to claw back, or revoke, some of their top officials’ incentive pay if they have to restate the financial results that led to it, according to people familiar with the agency’s internal deliberations. Continue reading →