Nov 2, 2009 | Accounting Frauds
Lehman failed, but so did their auditors, Ernst and Young to report deliberate balance sheet manipulations that the company used to show better metrics to the outside world. Leverage and liquidity ratios are the two key metrics that counterparties and credit rating...Mar 2, 2009 | Accounting Frauds
In April 2002, the Adelphia scandal went public. The main component of the scandal were, Adelphia from at least 1998 through March 2002, fraudulently excluded from the Company’s annual and quarterly consolidated financial statements over $2.3 billion in its bank...Feb 21, 2009 | Accounting Frauds
On March 19, 2003, SEC filed an accounting fraud charge against HealthSouth and its CEO for inflating their revenue by $1.4B since 1999. To meet the Wall Street expectations, the allegation mentions, at the insistence of the CEO, Health South systematically overstated...Feb 16, 2009 | Accounting Frauds
In August 2007, the CFO of Dell Computers acknowledged that there were some accounting irregularities found as a result of a lengthy internal investigation. The irregularities were mostly related to adjustments to various reserve and accrued liability accounts in the...Feb 16, 2009 | Accounting Frauds
Chairman of Satyam Computers, Ramalinga Raju resigned on the 7th of January, 2009 after notifying the board that he had falsified the company’s accounts. The company’s Balance Sheet as of September 30, 2008, carried inflated figures for cash and bank...Dec 31, 2007 | Accounting Frauds
In May 2001, SEC files a complaint against 5 of Sunbeam Corporation’s former officers, alleging that senior management of Sunbeam engaged in fraudulent scheme to create an illusion of successful restructuring of the company and thus facilitating a sale of the...Dec 31, 2007 | Accounting Frauds
In September 2004, SEC announced securities fraud charges against Computer Associates International Inc, and three of its former senior executives alleging that from 1998 to 2000, Computer Associates routinely kept its books open to record revenue from contracts...Dec 28, 2007 | Accounting Frauds
In August 2004, SEC files an enforcement action against Bristol- Myers Squibb alleging that Bristol-Myers used earnings management schemes to distort the true performance of the company and harmed the company’s shareholders. During 2000 and 2001 the company engaged in...