July 1, 2004 |
Cardinal Health Inc., the second-biggest U.S. drug wholesaler, said Wednesday that federal regulators subpoenaed documents in a probe of the company's accounting. Cardinal is conducting its own inquiry and is responding to the Securities and Exchange Commission inquiries, the statement said. Company spokesman Jim Mazzola declined to comment further. The announcement was made after U.S. markets closed. Shares of Cardinal, which closed up 55 cents to $70.05, fell as low as $61.
September 16, 2005 |
Hurricane Katrina, though catastrophic and unforgettable, was not an "extraordinary" event for financial reporting purposes, according to the accounting industry's standards board and the nation's largest accountants group. The American Institute of Certified Public Accountants advised its members this week that because a hurricane is a natural disaster "that is reasonably expected to reoccur," the losses it causes shouldn't be considered extraordinary in bookkeeping.
February 1, 2002 |
The current rage on Wall Street over accounting and the quality of corporate earnings is a little like a hangover victim swearing never to touch another drop. Big investors have known for years that company accounts have been mildly or even seriously fictional. And yet that made little difference in their investment decisions. But clear and credible accounting is making a difference now, in the wake of Enron's collapse amid disclosures of hidden debts and overstated profit. Investors this week dumped stocks of companies deemed guilty of obscure accounting or understating liabilities in their financial reports.
May 6, 1992 |
A federal judge Tuesday ordered an accounting of Mike Tyson's boxing income since 1989 and how much was paid to his former manager, Bill Cayton. The former heavyweight champion and Cayton, whose contract expired in February, are suing each other, both claiming they have been shortchanged by the other. The accountant "shall not make any findings as to the proper or appropriate allocation of any such amounts, nor shall he determine what contracts are enforceable," the order said.
July 24, 2002 |
The recording industry came under attack for accounting practices that, according to artists, routinely underreport royalties, cheating them out of millions of dollars. The allegations were made during a state Senate Judiciary Committee hearing in Sacramento. Among those addressing the committee was Los Angeles music attorney Don Engel, who estimated that record companies routinely "underpay 10% to 40% on every royalty" and dare artists to challenge it without committing "artistic suicide."
August 1, 2002 |
Vodafone Group, Europe's biggest mobile-phone company, said its accounting methods sometimes lead to booking 100% of revenue in transactions in which part of the amount is shared with third parties. Vodafone in some cases booked all the revenue from wireless Internet services as sales even when a portion was paid to third parties as part of content-sharing agreements, the Financial Times reported, citing the company.
August 6, 2002 |
Mirant Corp. said that the Securities and Exchange Commission has started looking into its accounting and energy trading after the company disclosed last week that it may have misreported $253 million in assets and liabilities. The SEC asked for details on transactions with other companies, as well as shareholder lawsuits and energy sales in the West during California's power shortage, Mirant said.
December 4, 2002 |
Michael Eisner and his wife have dropped a lawsuit that claimed their accountant miscalculated their California taxes for 1996 through 1999, according to court papers. The Walt Disney Co. chief executive and his wife, Jane, filed a notice in U.S. District Court in Los Angeles last week that they were dismissing the suit against Executive Monetary Management Inc.
October 20, 1989 |
About a year ago, Marcia Huntley's bankers strongly urged her to find a more sophisticated accountant to better guide the growth of her family's manufacturing business. The bankers felt that Tubular Specialties Manufacturing Inc. needed more sophisticated cost analysis and accounting systems. "If your accounting isn't as smooth as glass, it's amazing what it will do to the rest of the company," said Huntley, president of the firm that manufactures and sells stainless steel tubing products.
December 22, 2001 |
Homestore.com Inc., two weeks after its chief financial officer resigned, said Friday that its board is conducting an inquiry into accounting practices. Homestore.com, the biggest online home-listing company, also said it will restate certain financial statements. The board's audit committee notified the Securities and Exchange Commission of the inquiry and has hired an independent counsel and accountants to assist it, the company said.