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Sarbanes-Oxley News & Developments
Former Execs Allege Coca-Cola OvershipmentsFederal investigators told extra concentrate sent to Japan to improve company financials.
> > Coke motioned to dismiss the lawsuit which is pending. Coke announced that the SEC had launched a formal investigation stemming from allegations made by whistle-blower Matthew Whitley. The former finance manager sought a $44.4 million settlement from the company, claiming he had been fired for raising concerns about accounting fraud.
Regarding reports of overshipments to Japan, Coke said that "the government has not yet informed us about the specific issues it is interested in investigating, but when it does so, we will continue to offer our full cooperation on its areas of interest."
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Source: CFO
Published:2004-02-20
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