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Legal always claims losses in the billions, then accounting files the 10-K form and its de minimus and doesn't even show up in the financials. This has happene
by VLM 6y ago
Legal always claims losses in the billions, then accounting files the 10-K form and its de minimus and doesn't even show up in the financials.
This has happened in historical "hacking" cases. I remember one phone phreaking case from years ago against AT&T where the highly non-technical and non-accounting judge was convinced by the plaintiff that the defendant caused something like a billion dollars of lost revenue to AT&T and the defense argument against that damage claim revolved around securities fraud because AT&T didn't mention a billion dollar loss in their 10-K nor did they file an emergency 8-K