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7/5/2006 11:04:00 PM | Lay May Have Deceived Himself as Much as Everyone Else 
=(0) As the reality of Ken Lay's death is sinking in, the business editorials are coming out with post mortems. This one, in the Washington Post, roughly outlines the path Lay took to the top, and then down again. It tries to put a human face on someone widely reviled without absolving him of responsibility for what has been judged criminal behavior. &n...
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7/5/2006 7:04:00 PM | Lay's estate bereft of past riches =(0) The Times newspaper in the UK reports that Enron investors who are pursuing a class action lawsuit may not find it worthwhile to go after Kay Lay's estate now that he has died. The lead plaintiffs, the Regents of the University of California, are expected to meet soon to decide whether to remove Lay as a defendant in their suit to try to reco...
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7/5/2006 12:45:00 PM | Enron founder Lay dies of heart attack =(0) Ken Lay's story is over, even as Enron's continues to emerge. The Chairman and founder of Enron died suddenly of a suspected heart attack Wednesday morning in Colorado. Although convicted of fraud and conspiracy, he was free pending sentencing which was to take place in October. Considering his age, 64, and the potential sentence, it was ...
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6/28/2006 1:51:00 AM | British Bankers May Face Enron Trial in US =(0) Three British bankers are to be sent to the US to face trial on fraud charges relating to Enron dealings. The bankers fought their extradition all the way up to the European Court of Human Rights, but failed. Allegations were that they cheated their employer, a unit of the Royal Bank of Scotland, of over $7 million by fraudulent business ...
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6/27/2006 9:55:00 PM | Rambus warns of stock option woes =(0) Rambus has joined the growing list of companies checking their records for improperly-accounted-for backdated stock options. If options are backdated to maximize profit for the recipient, financial statements must be adjusted to avoid showing an exaggerated profit. This has implications both in the stock price, for investors, and for tax ...
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6/27/2006 5:56:00 PM | CNet Subpoenaed on Option Grants =(0) The SEC as well as a US Attorney are investigating CNet Networks' stock option practices. At issue is whether options granted to executives were back-dated to show a lower share price, thereby maximizing profit for the grantee. While not illegal per se, backdating must be strictly disclosed and accounted for. Over 50 companies are n...
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6/26/2006 9:18:00 PM | Enron to Pay City $3.28M Over Lawsuit =(0) The City of Tacoma Washington will benefit from a $3.28 million settlement with the Enron estate, to resolve claims it manipulated energy markets in the western US between 1997 and 2003. Fraudulent Enron activity resulted in excess energy charges for consumers, according to utility companies. The agreement must be approved by the Federal ...
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6/26/2006 5:20:00 PM | Altera Backpedals on Backdating =(0) Chip maker Altera announced it would recalculate its financial statements for the past ten years, to correct any disrepancies due to stock option dating. Backdating options to dates when prices were lower is only legal if it is disclosed and accounted for. Over 50 US companies are now being investigated, or are investigating themselves, ...
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6/23/2006 7:20:00 PM | Bolivia says to sue ex-Enron execs for fraud =(0) The Government of Bolivia has joined the masses of litigants who claim they were defrauded by Enron. It is suing some Bolivian government officials and some Enron executives over alleged bribes and illegal profits concerning a natural gas pipeline project from Bolivia to Brazil..........
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6/23/2006 7:02:00 AM | Gardy & Notis, LLP Files Securities Fraud Class Action Against ... =(0) A class action shareholder lawsuit against American Italian Pasta Co. has been given the go-ahead by a federal judge. The suit alleges that the company misled investors to artificially inflate the stock price. Insiders then sold their shares before the company announced an accounting charge and that previous financial statements were inaccurat...
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6/21/2006 6:23:00 PM | Nortel settles class-action suits =(0) Nortel Networks has settled two Canadian class-action suits. The suits were brought by shareholders after Nortel revised its financial results for years 2001-2005. This settlement paves the way for settlements of similar suits by American shareholders. .........
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6/21/2006 12:41:00 PM | Delta Petroleum in stock-option probe =(0) Delta Petroleum, a Denver oil and gas company, is one of the latest to be investigated in the stock option backdating probe. While the company no longer grants stock options, its records for as far back as 1996 have been requested. The practice, illegal if not properly disclosed and accounted for, has sparked shareholder lawsuits, includi...
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6/21/2006 11:29:00 AM | Home Solutions Shares Fall on Lawsuit =(0) A law firm is seeking class action status for a shareholder lawsuit against Home Solutions of America Inc. The company allegedly artificially inflated its share price by making misleading statements, only for insiders to sell off their shares. Home Solutions, a renovation company, denies the allegations.......
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6/21/2006 3:18:00 AM | Skilling asks judge for new Enron trial =(0) Jeffrey Skilling, one of the Enron executives recently convicted of fraud, conspiracy and insider trading, has asked for a new trial on the grounds that the evidence against him is "legally insufficient". Skilling currently awaits sentencing, which was recently moved from Sept. 11 to Oct. 23 because of scheduling problems. It is expected...
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6/20/2006 7:47:00 PM | Class Action Press Release - Lawsuit filed on behalf of Erie ... - =(0) A class action lawsuit has been filed against Erie Family Life Insurance Company, for securities fraud, on behalf of shareholders. The suit alleges that the company arranged to artificially depress the share price from about $32 per share to about $26, and then masqueraded as a "third party" purchaser who offered to buy back shares of small investo...
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6/20/2006 11:07:00 AM | Class Action Complaint Filed for Bank of America Trust, Estate and ... =(0) The Bank of America is facing a class action lawsuit by investors in their fiduciary accounts. The allegation is that the Bank preferentially purchased its proprietary Nations and Columbia funds for accounts, even though other funds were available that had better returns and lower fees. Further, the suit alleges that the prospectus' for Nations and...
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6/19/2006 9:41:00 AM | Sentencing for Lay, Skilling in Enron fraud trial delayed =(0) Sentencing for Enron executives Lay and Skilling has been rescheduled from September 11 to October 23, 2006 by US District Judge Sim Lake. Lay and Skilling were convicted last month of various fraud and conspiracy charges, and Skilling, of insider trading as well, in regard to the Enron debacle. .........
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6/19/2006 12:19:00 AM | HealthSouth Exec Gets 8 Years =(0) The longest sentence so far for a HealthSouth executive was handed down last week to former vice-president Hannibal Crumpler. He was sentenced to eight years in prison for conspiracy and making false statements with regard to the HealthSouth accounting fraud scandal.......
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6/14/2006 4:11:00 PM | Lead Plaintiffs in Enron Shareholder Suit Oppose V&E's Summary ... =(0) Plaintiffs in a class action lawsuit by Enron shareholders do not intend to let law firm Vinson & Elkins off the hook. The law firm had filed a motion for summary judgement in April, and the plaintiffs responded with a 281 page document outlining their objections. They contend the law firm made a variety of false statements in order to mi...
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6/14/2006 7:05:00 AM | Settlement: $290 Million: Williams agrees to deal with investors =(0) Williams Cos. will avoid a trial with a $290 million settlement in a class action lawsuit by shareholders. Those who bought Williams stock between July 2000 and July 2002 will recover some of their losses incurred when the stock declined. The allegations involved misleading statements concerning a debt Williams guaranteed for one of its u...
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