"If you knew about a misstatement and you recklessly or intentionally didn't correct it, then as long as it's material, it's a securities law violation," said Michael A. Perino, a professor at St. John's University School of Law in New York. "That represents a much greater risk."
The question is can Ernst & Young survive or are they going to join Arthur Andersen on the unemployment line. At some point the SEC and Feds are going to have to ask E&Y some tough questions as to what the hell they consider a material event!
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