The Sarbanes-Oxley Act of 2002 contains a "clawback provision" which requires the CEO and CFO to reimburse the issuer for any bonus or incentive-based compensation received during the 12-month period following the issuance of the restated financial statements.

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The statement is true. The clawback provision is a key feature of the Sarbanes-Oxley Act, and it requires CEOs and CFOs to pay back any bonus or incentive-based compensation they received if the company needs to issue restated financial statements due to material noncompliance with financial reporting requirements. The provision applies to compensation awarded during the 12-month period following the date the company files the restated financial statements with the SEC.

The Sarbanes-Oxley Act of 2002 Contains a "Clawback Provision" Which