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 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...Dec 28, 2007 | Accounting Frauds
In April 2002, SEC files a complaint against Xerox alleging that Xerox used accounting tricks to deceive public from 1997 to 2000. Over this period Xerox improperly classified over $6 billion in revenue, leading to an overstatement of earnings by nearly $2 billion.The...Jan 16, 2007 | Accounting Frauds
Harry Potter magic failed to save the drop in profit of St.Ives(the printer of Harry Potter books) due to accounting errors in the company’s book. The error was discovered in the in store promotion division of the company. The bulk of the errors occurred between...Jan 16, 2007 | Accounting Frauds
Recently read an article about an “informal” inquiry from the SEC of IMAX Corp, the movie theater company. The issue here is that the company inflated its revenue by recognizing revenue from phantom movie theaters, the theaters that weren’t yet opened.This...