Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Securities
News
SEC Charges Tenet Healthcare Corporation With Concealing Scheme To Meet Earnings Targets
The Securities and Exchange Commission today filed civil fraud charges in federal district court against Tenet Healthcare Corporation and its former chief financial officer and co-president, its former chief operating officer and co-president, its former general counsel and chief compliance officer, and its former chief accounting officer for failing to disclose to investors that Tenet's strong earnings growth from 1999 to 2002 was driven largely by its exploitation of a loophole in the Medicare reimbursement system. Once Tenet finally revealed its scheme to the investing public and admitted that its strategy was not sustainable, the market value of Tenet's stock plunged by over $11 billion.
During the relevant time, Tenet was based in Santa Barbara, Calif., and was the second largest publicly traded healthcare company in the United States.
To settle the charges, Tenet agreed to pay a civil penalty of $10 million. The SEC will seek to have these funds placed into a Fair Fund for distribution to harmed investors pursuant to the Sarbanes-Oxley Act. Without admitting or denying the allegations in the SEC's complaint, Tenet also agreed to be permanently enjoined from violating the antifraud, reporting, and recordkeeping provisions of the federal securities laws. Read more at sec.gov.
Definition:
Interest deemed to be earned on a security but not yet paid to the investor.
Call
Definition:
An option contract giving the buyer the right but not the obligation to purchase a commodity or other asset or to enter into a long futures position
Exercise Price (Strike Price)
Definition:
The price, specified in the option contract, at which the underlying futures contract, security, or commodity will move from seller to buyer.
If you live in the following cities and need an securities attorney you should contact
our Securities Attorney as soon as possible:
Apopka
Boca Raton
Boynton Beach
Brandon
Clermont
Daytona Beach
Deltona
Dunedin
Fort Lauderdale
Gainesville
Hallandale
Hialeah
Hollywood
Jacksonville
Key West
Kissimmee
Lake Wales
Lake Worth
Lutz
Melbourne
Miami
Miami Beach
Middleburg
North Miami Beach
Opa Locka
Orange Park
Orlando
Ormond Beach
Oviedo
Palm Harbor
Panama City
Pensacola
Pompano Beach
Port Richey
Riverview
Tallahassee
Tampa
Valrico
West Palm Beach
Winter Park
Winter Springs
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on Florida Securities Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?