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Royal Ahold avoids criminal prosecution.(Royal Ahold N.V.)(Brief article)
Dutch food company Royal Ahold NV will not be prosecuted for an $800 million accounting fraud that occurred at its subsidiary, Foodservice, Inc., after signing an agreement with the U.S. Attorney's office in Manhattan. The initial charges sprang from a three-year period between 1999 and 2002 when Foodservice, Ahold's Maryland-based holding, overstated its earnings by systematically inflating promotional allowances in order to reach earnings targets.
In 2004 the company paid out S1.1 billion to settle a class-action suit with its shareholders. The recent non-prosecution accord means that neither Ahold nor Foodservice, Inc. will face any criminal charges for the misleading statements. However, the ...
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- News wire article from: AsiaPulse News January 17, 2006 700+ words
...bought or received as a dividend Royal Ahold N.V. common stock and/or American...a class action lawsuit against Royal Ahold and numerous co-defendants. On February 24, 2003, Royal Ahold announced that it had inflated...
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...bought or received as a dividend Royal Ahold N.V. common stock and/or American...a class action lawsuit against Royal Ahold and numerous co-defendants. On February 24, 2003, Royal Ahold announced that it had inflated...
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Source: HighBeam Research, Royal Ahold avoids criminal prosecution.(Royal Ahold N.V.)(Brief...