Financial Accounting Blog

Monday, February 16, 2004 reports that firms are issuing misleading statements about reports by the FDA to bolster stock prices or, in the case of Imclone, sell off shares of stock before a bad report is issued.
Regulators say they are acting to improve detection of potential securities law violations by companies that try to deceive the public about the status of federal scrutiny of their products.

The Food and Drug Administration is announcing steps that it and the Securities and Exchange Commission are taking ``to enhance the public's protection against false and misleading information.''