Tyco's Dennis Kozlowski Heads Back to Court Today after May Mistrial; Joshua Ronen, Professor of Accounting at New York University Stern School of Business, and an Expert on Corporate Governance, is Available for Comment as This Case Unfolds

Business Wire, Jan 18, 2005

NEW YORK -- One of the most infamous corporate fraud cases to date, the criminal trial against former Tyco CEO, Dennis Kozlowski, and former CFO, Mark Swartz, will be retried starting today after ending in a mistrial last May. The defendants, Kozlowski and Swartz, are accused of looting more than $600 million from Tyco through unauthorized compensation and illicit stock sales, enriching themselves and others.

Professor Ronen, whose recommendations for accounting and corporate governance reforms have received critical acclaim by legislators, can provide perspective on the following:

--The likely "checks and balances" breakdown with Tyco's Board of Directors that resulted in accounting fraud

--The perpetual conflict between corporate boards and management in regards to compensation

--Solutions for achieving greater transparency in the boardroom

Professor Ronen has been recognized for his Financial Statement Insurance concept, which proposes that companies insure their financial statements to improve their reliability and transparency. This concept has been published in several journals and discussed in domestic and international forums, and was formally introduced by Senator Elizabeth Dole during the hearing for William Donaldson's appointment as chairman of the SEC.

To arrange an interview with Professor Ronen, please contact Lisette Zarnowski in NYU Stern's Office of Public Affairs, 212-998-4033, lzarnows@stern.nyu.edu.