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HealthSouth Rigged Profits by $1.4 Billion, SEC Charges.
By Andrew Countryman, Chicago Tribune Knight Ridder/Tribune Business News
Mar. 20--It seems innocuous enough: getting together for a little family meeting to discuss how to fill a hole with some dirt.
But, the government alleged Wednesday, those terms masked a breathtaking corporate fraud: The "family" was members of HealthSouth Corp.'s accounting staff. The "hole" was the gap between HealthSouth's actual earnings in a particular quarter and Wall Street's estimates. And the "dirt" was earnings the staff would invent to eliminate the gap.
That's the basis of civil fraud charges filed by the Securities and Exchange Commission against HealthSouth, the nation's largest provider of outpatient surgery and rehabilitative services, and its chairman and chief executive, Richard Scrushy.
The SEC's complaint alleges that HealthSouth overstated earnings by $1.4 billion over 3 1/2 years -- ...
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...alleges that HealthSouth overstated...million. The Justice Department said Weston Smith, a former HealthSouth chief financial...Smith, the Justice Department said "additional...Although HealthSouth's $1...
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...the U.S. Justice Department said Thursday. Birmingham-based HealthSouth, which operates...also claimed HealthSouth overstated the...was done. The Justice Department reviewed the...allegations that HealthSouth submitted improper...services, the Justice Department ...
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...practices, the Justice Department said Monday...is the 10th HealthSouth executive and...Commission. The Justice Department charged McVay...the accuracy of HealthSouth's financial...forecast. The Justice Department is securing the...against ex-HealthSouth Chairman ...
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...the project's future. HealthSouth did not return a phone call...Commission on March 19 charged HealthSouth and its former CEO and chairman...The SEC and the U.S. Justice Department are continuing investigations...company. This past weekend, HealthSouth's Board of Directors removed...
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...Brimmer wouldn't comment on HealthSouth's financial situation...Exchange Commission is suing HealthSouth and its former chairman...by both the SEC and the Justice Department have reportedly been expanded...over the past six years. HealthSouth has defied observers thus...
- HEALTHSOUTH TO PAY UNITED STATES $325 MILLION TO RESOLVE MEDICARE.
- News wire article from: The America's Intelligence Wire December 30, 2004 700+ words
...WASHINGTON, D.C. - HealthSouth Corporation, the nation...Keisler, head of the Justice Department's Civil Division. "HealthSouth's fraud on Medicare...today's agreement, HealthSouth will pay $325 million...
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- News wire article from: The America's Intelligence Wire March 26, 2003 700+ words
...deals soon. The Justice Department's ultimate...believed to be Healthsouth Chairman Richard...quarterly reports of HealthSouth's actual financial...according to the Justice Department's four-count...According to the Justice Department, Owens and other...senior officers ...
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- Magazine article from: Investment Dealers' Digest June 9, 2003 700+ words
...PricewaterhouseCoopers was hired to check out HealthSouth's books after the healthcare...and securities fraud at HealthSouth. The Justice Department, the Securities and Exchange...documents pertaining to HealthSouth from E&Y and from...
Source: HighBeam Research, HealthSouth Rigged Profits by $1.4 Billion, SEC Charges.