Difference between revisions of "Accounting fraud"

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On April 27, 2015, the SEC obtained a '''$131 million''' judgment against Symbol Technologies Inc. for fraudulent revenue-recognition practices, including quarter-end “stuffing” of Symbol’s distribution channel to help meet revenue and earnings targets imposed by its CEO.
On April 27, 2015, the SEC obtained a '''$131 million''' judgment against Symbol Technologies Inc. for fraudulent revenue-recognition practices, including quarter-end “stuffing” of Symbol’s distribution channel to help meet revenue and earnings targets imposed by its CEO.


*'''<u>SEC v. Bristol-Myers Squibb</u>'''
*'''[https://www.sec.gov/news/press/2004-105.htm SEC v. Bristol-Myers Squibb]'''


On August 4, 2004, Bristol-Myers Squibb agreed to pay a '''$150 million''' fine for selling excessive amounts of pharmaceutical products to its wholesalers ahead of demand in order to falsely inflate earnings. The channel-stuffing resulted in the company improperly recognizing revenue from $1.5 billion in sales to its two largest wholesalers. In addition, the SEC filed charges against two former Bristol-Myers officers for the fraudulent earnings management scheme.
On August 4, 2004, Bristol-Myers Squibb agreed to pay a '''$150 million''' fine for selling excessive amounts of pharmaceutical products to its wholesalers ahead of demand in order to falsely inflate earnings. The channel-stuffing resulted in the company improperly recognizing revenue from $1.5 billion in sales to its two largest wholesalers. In addition, the SEC filed charges against two former Bristol-Myers officers for the fraudulent earnings management scheme.