Has AMAZON been any litigation issues in recent years that would be important for you as an auditor to be aware of? If so, what were they? Requirement: Provide a one-page bullet point summary on this....
Has AMAZON been any litigation issues in recent years that would be important for you as an auditor to be aware of? If so, what were they?
Requirement: Provide a one-page bullet point summary on this.
Homework Answers
- That is just one of several legal problems Amazon is currently confronting. Another is a possible IRS examination for 2005 through 2010 that could lead to the government trying to collect $1.5 billion in back taxes.
- Amazon faces a number of patent lawsuits with competitors. In 2011 alone, Amazon has been named in four new patent-infringement lawsuits. Amazon did not mention the trademark-infringement lawsuit brought by Apple over use of the App Store name in Amazon’s app store for Android.
- The filing come a day after Amazon released its first-quarter 2011 earnings numbers, which showed the company’s sales soaring, but profits decreasing. Amazon has invested heavily in new hiring, office space, fulfillment centers and technology.
- In his letter to shareholders, Amazon CEO Jeff Bezos paraphrased Arthur C. Clarke, saying, “like any sufficiently advanced technology, it’s indistinguishable from magic.
- In a regulatory filing today, the Seattle e-retailer notes several legal roadblocks, including a Securities and Exchange Commission probe into an assessment from Texas of $269 million for uncollected sales taxes between 2005 and 2009.
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Has AMAZON been any litigation issues in recent years that would be important for you as an auditor to be aware of? If so, what were they? Requirement: Provide a one-page bullet point summary on this....
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