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After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company's CEO and chairman, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years in prison. Bear Stearns: United ...
An Enron manual of ethics from July 2000, about a year before the company collapsed. Enron's complex financial statements were confusing to shareholders and analysts. [1]: 6 [10] When speculative business ventures proved disastrous, it used unethical practices to use accounting limitations to misrepresent earnings and modify the balance sheet to indicate favorable performance.
Taxi companies sued Uber in numerous American cities, alleging that Uber's policy of violating taxi regulations was a form of unfair competition or a violation of antitrust law. [7] Although some courts did find that Uber intentionally violated the taxi rules, Uber prevailed in every case, including the only case to proceed to trial. [8]
Starbucks was sued for marketing its commitment to “100% ethical” sourcing while using some suppliers with “documented, severe human rights and labor abuses.”
According to The Wall Street Journal, the SEC told Tesla in May 2020 that the company had failed "to enforce these procedures and controls despite repeated violations by Mr. Musk". [17] A lawsuit filed in March 2021 alleges that Musk violated his fiduciary duty to Tesla by continuing to send "erratic" tweets in violation of the SEC settlement ...
The Trump Organization, convicted of tax fraud, scheming to defraud, conspiracy, and falsifying business records. [9] Tyson Foods; Volkswagen, pleaded guilty to 3 criminal felonies related to its emissions scandal. [10] Waste Management, Inc; The Boeing Company, pleaded guilty to one count of conspiracy to defraud the United States. This charge ...
In June 2006, Walmart was excluded from the investment portfolio of The Government Pension Fund of Norway, which held stock values of about $430 million in the company, due to a social audit into alleged labor rights violations in Walmart operations in the United States, Canada, Latin America, Africa, and Asia. [189]
Citing internal company documents, the Associated Press stated BK had concerns that such agreements might prove to be a possible violation of anti-trust laws, had possible tax implications, and that there were issues with third-party oversight for the agreements.