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Bally Faces Criminal Investigation

The company fired two finance executives and stopped making severance payments to its former CFO and CEO.

> > Bally Total Fitness announced that the U.S. Attorney for the District of Columbia has launched a criminal investigation stemming from the results of a company probe that led to the firings of several finance executives.
Bally received a shareholder demand that it bring actions or seek other remedies against individuals who might have been responsible for accounting errors at the company. The board of directors is evaluating that request.
Source: CFO


Published:2005-02-27
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