A new report from the Audit Committee of Berkshire Hathaway Inc. faults the “misleadingly incomplete” disclosures made by departed executive David Sokol prior to the company’s March purchase of Lubrizol Corp.
The report is much more strident in tenor than the minimally admonishing tone struck by Berkshire CEO Warren Buffett in the March letter announcing Sokol’s resignation. Buffett’s letter acknowledged that Sokol purchased nearly 100,000 Lubrizol shares worth approximately $10 million in the months prior to the $9 billion acquisition but maintained that the stock purchases were not “in any way unlawful.”
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