Columbia-based accounting firm changes its name
The Columbia-based Scott McElveen accounting firm has changed its name to Scott and Co. after adding a new office in Greenville and growing to seven partners — Randy Scott, Don Mobley, John Price, Bill West, Tony Perricelli, Michael Slapnik and Hunter Howard. Howard is managing partner in the Upstate. The firm was Columbia’s sixth-largest accounting firm, according to The State’s latest Book of Lists.
Supreme Court strikes down part of anti-fraud law
The Supreme Court on Monday struck down part of the anti-fraud law enacted in response to the Enron and other corporate scandals from the early 2000s, but said its decision has limited consequences. The justices voted 5-4 that the Sarbanes-Oxley law enacted in 2002 violates the Constitution’s separation of powers mandate. The court says the president, or other officials appointed by him, must be able to remove members of a board that was created to tighten oversight of internal corporate controls and outside auditors.
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Lorillard defends menthol cigarettes
Cigarette maker Lorillard Inc. is launching a campaign to defend menthol cigarettes amid a U.S. Food and Drug Administration panel’s review of the minty smokes. The nation’s third-largest cigarette company holds about 35 percent share of the U.S menthol cigarette market with its top-selling Newport brand. Lorillard, based in Greensboro, N.C., said Monday it has launched a website called “Understanding Menthol” that explains the company’s position and the consequences of a potential ban on menthol cigarettes.
New iPhone a hot seller
Apple says it sold more than 1.7 million units of its new iPhone model in the first three days, making it the most successful product launch in the company’s history. The iPhone 4 went on sale Thursday in the U.S., Britain, France, Germany and Japan. Apple Inc. sold more than 1 million units in the first three days when it launched last year’s model, the 3GS.
High hopes for Tesla
As Tesla Motors, the Silicon Valley-based maker of sleek, high-performance electric cars, steers its highly anticipated public stock offering toward a debut today, hopes are running high that the company can plug into a rich vein of ready cash. Tesla, whose top-end Roadster model sells for more than $100,000, was founded in 2003 but has yet to turn a profit. Nonetheless, the stock is likely to attract a cult following, said Scott Sweet of IPO Boutique. On Monday, Tesla boosted the number of shares it plans to offer in the deal by 20 percent to 13.3 million shares. In all, the deal could raise $244 million.
Andrew Shain, MarketWatch and The Associated Press contributed.