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SEC Charges HealthSouth Corp. Chairman and CEO with $1.4 billion Fraud

Trading in Securities of HealthSouth Corp. Suspended

> > Richard M.Scrushy, HealthSouth Corp.Chairman and CEO, has been charged with fraud. The complaint alleges Scrushy intentionally directed the overstatement of $1.4 billion in earnings since 1999. As a result, the SEC directed trading in the securities of the company be suspended temporarily "due to the materially misleading information the marketplace."

Stephen M. Cutler, the SEC Director of Enforcement, stated "HealthSouths fraud represents an appalling betrayal of investors." Cutler went on to say, "HealthSouths standard operating procedure was to manipulate the companys earnings to create the false impression that the company was meeting Wall Streets expectations." The Commissions investigation into HealthSouth Corp. operations is ongoing.
Source: SEC Press Release


Published:2003-03-25
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