October 22, 2003 |
U.S. corporations and the accounting and law firms that advise them have invented complex and illegal schemes to avoid taxes with no fear the Internal Revenue Service will stop them, a Senate panel heard Tuesday. Former employees of jeans maker Levi Strauss & Co. and accountants at KPMG said they had been fired or disciplined for objecting to allegedly illegal activity. An anonymous witness testified behind a screen with his voice distorted, telling how U.S.
October 11, 2003 |
When Levi Strauss & Co. restated its earnings Thursday, it became only the latest in a record series of companies to announce that they'd mangled their numbers. During the first six months of 2003, 158 companies restated their earnings, according to Huron Consulting Group, a nationwide corporate finance firm that tracks such statistics. That blistering pace was outdone only in the second half of 2002, when a record 195 companies restated.
October 10, 2003 |
Levi Strauss & Co. said Thursday that it would reduce earnings for the third quarter and for 2001 by more than $30 million because it has discovered errors on its 1998 and 1999 tax returns. In those years, the struggling San Francisco-based apparel maker mistakenly took the same tax deduction twice for losses related to various manufacturing plant closures, Levi said in a statement. Net income in its fiscal third quarter ended Aug. 24 will be lowered by $4.9 million to $21.
September 16, 2003 |
Levi Strauss & Co., the maker of Levi's jeans, said the company's audit committee found no evidence of tax fraud after reviewing allegations made by two former employees in a wrongful termination lawsuit. The committee found that information wasn't improperly withheld from the Internal Revenue Service, San Francisco-based Levi Strauss said in a statement.
July 3, 2003 |
Levi Strauss & Co., the maker of Levi's jeans and Dockers slacks, alleges in a lawsuit that Esprit Holdings Ltd. has illegally used its trademarked red stitching on the name tab on the rear jeans pocket. Esprit, a Hong Kong-based fashion retailer, uses similar red stitching to spell its brand name on the tab on men's and women's jeans, according to a lawsuit filed in U.S. District Court in San Francisco. Levi Strauss says it has used the red ribbon saying "Levi's" on the rear pocket since 1936.
June 3, 2003 |
Levi Strauss & Co. said Monday that it has hired another outside law firm to conduct a second examination of tax and accounting practices questioned by former employees in a lawsuit accusing the jeans maker of tax fraud. The San Francisco-based company also said it discussed issues raised in the suit with the Securities and Exchange Commission in an informal meeting last month.
May 26, 2003 |
Levi Strauss & Co. has countersued two fired employees who accused it of tax fraud, portraying them as liars who conspired to damage the reputation of the San Francisco apparel maker and its executives. In San Francisco Superior Court filings Friday, Levi also moved to have the lawsuit of former tax managers Robert Schmidt and Thomas Walsh thrown out.
April 26, 2003 |
Levi Strauss & Co. has opted out of a $20-million settlement approved this week to compensate garment workers on the Pacific island of Saipan, the San Francisco-based company said. A judge at the U.S. District Court for the Northern Mariana Islands approved a settlement after alleged rights violations involving several U.S. retailers, including Gap Inc. and J.C. Penney Co. The lawsuit alleged violations of wage and hour laws and other workers' rights at garment factories in Saipan.
March 26, 2003 |
Two large California clothiers issued gloomy reports tied to weak sales Tuesday as Levi Strauss & Co. said it lost $24 million in the first quarter and Charlotte Russe Holding Inc. predicted a second-quarter loss and pulled the plug on its Charlotte's Room chains of accessories stores. For San Francisco-based Levi, which makes bluejeans and other casual apparel, the fiscal first-period loss contrasted with a profit of $42 million in the same period in 2002.
January 14, 2003 |
Levi Strauss & Co.'s finances are starting to look a little less blue. The 150-year-old maker of blue jeans and casual apparel said Monday that its sales increased 2% to $1.26 billion in the fourth quarter to give the San Francisco-based company two consecutive quarters of rising revenue for the first time since 1996. Net income shriveled during the period, however.