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Spike in Fourth Quarter SEC Accounting and Auditing Enforcement Activity Results in Notable Increase in FY 2023

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In contrast, total monetary settlements were just over half of the average total settlements in the past five years.

WASHINGTON, Feb. 28, 2024 /PRNewswire-PRWeb/ — The U.S. Securities and Exchange Commission expanded its accounting and auditing enforcement activity in fiscal year 2023, while monetary settlements dropped for the second consecutive year, according to a new report released today by Cornerstone Research.

The report, SEC Accounting and Auditing Enforcement Activity—Year in Review: FY 2023, found that the SEC publicly disclosed 83 accounting and auditing enforcement actions in FY 2023, a 22% increase from FY 2022 and the highest number of actions initiated since FY 2019. More than half of the 83 actions were initiated in the fourth quarter of the fiscal year, and 28% were initiated in the last month alone of the fiscal year.

“The 22% increase in accounting and auditing enforcement activity in fiscal year 2023 outpaced the 8% increase in original enforcement actions brought by the SEC, suggesting an increased focus by the enforcement division on these matters,” said Steve McBride, a report coauthor, principal, and cohead of the accounting practice at Cornerstone Research.

Despite the SEC reporting $4.9 billion in total monetary settlements in FY 2023, the second highest on record, monetary settlements in accounting and auditing enforcement actions totaled $583 million, a 7% decrease from the prior fiscal year and 47% lower than the average of total monetary settlements in the prior five fiscal years. Disgorgement and prejudgment interest accounted for 67% of total monetary settlements imposed in FY 2023, while civil penalties accounted for 33% of the total monetary settlements. FY 2023 was the first time that civil penalties comprised less than half of total monetary settlements since FY 2020.

“The decline in monetary settlements during fiscal year 2023 may be due, in part, to a continued increase in the SEC’s consideration given to cooperation and remedial efforts when imposing monetary settlements,” added Simona Mola, a report coauthor and principal at Cornerstone Research. “Such consideration may translate in lower monetary settlements but not necessarily in no penalties at all. In fact, the proportion of respondents who received no monetary settlement decreased from last fiscal year.”

The SEC acknowledged that 26% of respondents who settled in FY 2023 offered cooperation, undertook remedial efforts, and/or self-reported to the SEC, up from 24% in FY 2022.

In addition to monetary settlements, the SEC imposed non-monetary sanctions on individual and firm respondents (e.g., officer and director bars, requirement to retain an independent consultant). Officer and director bars imposed on individual respondents who settled in FY 2023 increased to 31%, from 18% in FY 2022.

Of the 83 enforcement actions, 35 referred to announced restatements of financial statements, and 32 referred to announcements of material weaknesses in internal control. Actions referring to announced restatements and/or material weaknesses in internal control remained at 41, the highest level since FY 2021. The percentage of initiated actions referring to an announced restatement and material weakness in internal control (31%) reached its highest level in recent years. Consistent with FY 2022, the SEC’s most common allegations related to a company’s revenue recognition and internal accounting controls. One or both violations were alleged in 63% of FY 2023 actions.

Additional Trends

Of the 83 actions initiated during FY 2023, 71 were administrative proceedings and 12 were civil actions.The SEC issued non-monetary sanctions against 50% of individual respondents who settled in FY 2023, down from 62% of individual respondents who settled in FY 2022.There were 111 total respondents in accounting and auditing enforcement actions initiated in FY 2023, a slight increase from the 103 respondents in FY 2022.In FY 2023, the SEC initiated 11 actions against non-U.S. respondents, higher than the average of nine actions per year from FY 2018 to FY 2022.The SEC initiated one action in FY 2023 as part of its continuing Earnings Per Share (EPS) Initiative, its fifth action imposed in connection with the EPS Initiative since its inception in 2020.The SEC initiated three actions with alleged violations of Section 304 of Sarbanes-Oxley (“clawback” provision) in FY 2023, a sharp decrease from the nine actions initiated in FY 2022 and below the yearly average of five actions initiated in FY 2018–FY 2022.

About Cornerstone Research 
Cornerstone Research provides economic and financial consulting and expert testimony in all phases of complex disputes and regulatory investigations. The firm works with an extensive network of prominent academics and industry practitioners to identify the best-qualified expert for each assignment. Cornerstone Research has earned a reputation for consistently high quality and effectiveness by delivering rigorous, state-of-the-art analysis since 1989. The firm has over 900 staff in nine offices across the United States and Europe. 

Media Contact

Elisabeth Gaubinger, Cornerstone Research, 202.912.8909, egaubinger@cornerstone.com, https://www.cornerstone.com/

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SOURCE Cornerstone Research

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DUVA Introduces DUVA ONE at IFA 2026: Personalized Sleep Earbuds That Respond in Real Time

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September 6, 2026

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The Sleep System That Understands You Best.

BERLIN, Sept. 6, 2026 /PRNewswire/ — DUVA, created by Fitnexa, is introducing DUVA ONE at IFA Berlin 2026. This intelligent in-ear sleep system is designed to sense changes in the user and the bedroom, then personalize audio, noise control, and device behavior throughout the night.

Most sleep wearables explain what happened after users wake up. DUVA ONE is designed to help while the night is still happening. Its low-profile earbuds, environment-sensing charging case, and app work together to determine when and how to respond.

A user might start the night with a podcast over Bluetooth. After they fall asleep, DUVA ONE can introduce locally stored sleep audio and optimize power use. If a partner begins snoring or traffic grows louder, it can adjust ANC or add sound masking. In the morning, a private offline alarm wakes only the wearer, without requiring an active phone connection.

In-ear PPG and motion sensors estimate sleep stages and track heart rate, HRV, sleep position, and movement, while the case monitors noise, light, temperature, and humidity. The AI Agent interprets these signals alongside playback status and personal preferences to select an appropriate response. Users control sleep audio, playback duration, ANC strategy, and nighttime interventions in the DUVA App.

“Sleep does not happen in a static environment, so sleep technology should not remain static either,” said Diego, Founder of Fitnexa. “DUVA ONE is designed to respond while sleep is still happening.”

Key Highlights

Layered noise relief: Passive isolation, Hybrid ANC, and sleep audio provide noise reduction of up to 42 dB, with Transparency Mode and adaptive ANC calibration.Personalized AI sleep guidance: The AI analyzes the user’s real-time sleep state and generates personalized audio guidance to help them gradually fall asleep.Side-sleeping comfort: Each fitted earbud weighs approximately 3.3 grams and has an approximately 9.9 mm low-profile design. Two ear-tip shapes and multiple tip and stabilizing-wing sizes provide more than 40 fit configurations.All-night battery: Up to 16 hours in the most power-efficient configuration, including 13 hours of local audio with ANC off and 9.5 hours with ANC on. The USB-C and wireless charging case provides up to five additional recharges.Private offline alarm: Alarms gradually increase in volume and offer 5, 10, or 15-minute snooze options through the earbud controls.Privacy-first sensing: DUVA ONE does not record conversations, store ambient audio, or upload raw environmental audio. Users can disable individual sensors and delete historical data.

DUVA ONE is planned for release in October 2026 at a target retail price of US$349.99, with target markets including the United States, Canada, the United Kingdom, the European Union, and Australia.

Media Contact: essie@duva.com
Learn more: duva.com

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SOURCE DUVA

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China Xplained | The China Squeeze, or the China Opportunity?

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September 6, 2026

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GUANGZHOU, China, Sept. 6, 2026 /PRNewswire/ — This is a news report from South: 

Is China’s manufacturing rise squeezing out or creating opportunities for other economies?

Ahead of the 2026 APEC Economic Leaders’ Meeting in China this November, journalists and experts from around the world gathered in Guangdong for the Asia-Pacific Media Forum (APMF) 2026.

The forum opened in Shenzhen on September 5, bringing together more than 400 representatives from across the Asia-Pacific region, as well as from international organizations.

Before the opening of the forum, participants travelled across Guangdong to see China’s industries and development first-hand.

In this episode of China Xplained, we look at the numbers, supply chains, investment and voices from across the developing world—to ask a bigger question: Is China squeezing out room for other economies?

View original content to download multimedia:https://www.prnewswire.com/news-releases/china-xplained–the-china-squeeze-or-the-china-opportunity-302870814.html

SOURCE South

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PUDU D7 Named Honoree in IFA Innovation Awards for Best in IFA Next & Emerging Technologies

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4 hours ago

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September 6, 2026

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BERLIN, Sept. 6, 2026 /PRNewswire/ — Pudu Robotics, a global leader in commercial service robotics, today announced that its PUDU D7 Semi-humanoid Intelligent Robot has been named an Honoree in the Best in IFA Next & Emerging Technologies category of the IFA Innovation Awards. The recognition highlights PUDU D7’s ability to combine mobile navigation, dexterous manipulation and intelligent sensing to perform a range of tasks in real-world industrial and commercial environments.

The IFA Innovation Awards recognize outstanding innovations across the global technology landscape. Entries are evaluated by an independent international jury based on criteria including technology and functionality, innovation and originality, and the potential to create tangible value for users and the market. The recognition places PUDU D7 among emerging technologies demonstrating new possibilities for the future of robotics.

From Industrial Operations to Guest Interaction

PUDU D7 is designed for industrial, warehouse, retail and hospitality environments, where it can move through human-oriented spaces and perform tasks that require both mobility and dexterous manipulation.

In industrial and warehouse settings, D7 can handle materials, pick items from shelves, replenish inventory, transport goods between work areas and push carts. With a payload capacity of up to 20 kg (44.1 pounds) and an operating height of up to 2 meters (6.6 feet), it can work with a range of storage systems and materials.

In retail, D7 can support shelf replenishment, item handling and store organization, moving products between storage areas and shelves and helping maintain product displays.

In hotels and hospitality, PUDU D7 can take on the role of an intelligent front-desk host, welcoming guests, preparing and serving coffee, interacting with visitors and providing engaging experiences. Its semi-humanoid form and dual-arm capabilities allow it to combine practical service tasks with natural human-robot interaction, bringing a more personable and engaging presence to the guest experience.

Designed for Adaptable Performance

PUDU D7 combines a dual-arm manipulation system, tactile sensing and a 360-degree perception system to support these applications. Front- and rear-facing LiDAR and other sensors enable navigation around people and obstacles, while tactile sensing provides precise control when handling objects.

The robot also features autonomous battery swapping, allowing it to independently replace its battery and reduce downtime during extended operation.

Together, these capabilities enable D7 to support different tasks across a range of environments without being limited to a single application.

PUDU D7 Makes Its European Debut at IFA

IFA 2026 marks the first time PUDU D7 is being showcased in Europe. At the Pudu Robotics booth, visitors can experience live demonstrations highlighting the robot’s capabilities and its potential for human-robot interaction.

D7 interacts directly with visitors through demonstrations including waving, making heart gestures and picking up objects. These demonstrations showcase the robot’s ability to combine movement, manipulation and interaction in a human-oriented environment.

Advancing the Next Generation of Intelligent Robotics

The IFA Innovation Awards recognition marks another step in Pudu Robotics’ expansion from service delivery, commercial cleaning and industrial delivery into embodied intelligent robotics.

PUDU D7 is part of Pudu Robotics’ broader strategy to develop a portfolio of specialized, semi-humanoid and humanoid robots, building on its capabilities in embodied navigation, manipulation and interaction. This approach enables the company to address a broader range of applications across commercial and industrial environments.

Pudu Robotics will continue working with customers and partners worldwide to explore new applications for embodied intelligence and bring increasingly capable robots into real-world environments.

About Pudu Robotics

Pudu Robotics is a global leader in commercial service robotics and the industry’s first company to offer a full portfolio spanning specialized, semi-humanoid, and humanoid robots. According to Frost & Sullivan’s latest market report, Pudu Robotics ranks No. 1 globally in commercial service robotics by both revenue and shipment volume. Built on its One Brain, Multiple Embodiments architecture, Pudu offers robots for service delivery, commercial cleaning, industrial delivery, and general embodied AI applications across hospitality, retail, healthcare, manufacturing, education, public services, and more. To date, Pudu Robotics has shipped over 130,000 robots to customers across 85+ countries and regions.

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SOURCE Pudu Robotics

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