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Michigan to Co-Lead Securities Class Action Against HealthSouth

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At a glance:

The State of Michigan will serve as one of the lead plaintiffs for the securities class action lawsuit against HealthSouth.
 
The State claims that it has lost around $33 million in the retirement fund for its employees as a result of alleged fraud and admitted criminal wrongdoing.
 
HealthSouth admittedly overstated income for the purpose of artificially inflating its stock price. There are also admissions of insider trading by certain defendants.
 
Furthermore this lawsuit alleges that the company's outside auditor, Ernst & Young, knowingly allowed the scheme to continue while collecting large fees and that the investment banking underwriters also have some liability.

Attorney General Cox, Department of Treasury Continue Fight for ... -

Yahoo! News (press release) - 4/4/2006 2:09 PM

The State of Michigan will serve as one of the lead plaintiffs for the securities class action lawsuit against HealthSouth.
 
The State claims that it has lost around $33 million in the retirement fund for its employees as a result of alleged fraud and admitted criminal wrongdoing.
 
HealthSouth admittedly overstated income for the purpose of artificially inflating its stock price. There are also admissions of insider trading by certain defendants.
 
Furthermore this lawsuit alleges that the company's outside auditor, Ernst & Young, knowingly allowed the scheme to continue while collecting large fees and that the investment banking underwriters also have
 
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