Research analyst Arturo Cifuentes filed a Sarbanes-Oxley complaint with OSHA last week alleging that his former employer, Wachovia Securities, attempted to influence and in some instances stop the publishing of fixed-income research reports.
The complaint, filed last Wednesday, alleges that Wachovia's "attempted influence was intended to coincide with firm deals and sales to its clients, as well as to please existing clients and potential clients," according to a written release from Malecki Law, which is handling the case on behalf of Cifuentes. The Dept. of Labor has 180 days to decide whether the complaint constitutes a Sarbanes-Oxley violation. The case can then move either to federal court or through arbitration, instead of or in addition to court proceedings.