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Nonprofit Corporate Governance
In an indictment dated October 29, 2003, former HealthSouth Corp. chief executive Richard Scrushy was charged with 85 criminal counts for a scheme that allegedly added $2.7 billion in fictitious income to the health-care company he founded. Scrushy is the first chief executive to be accused of violating the Sarbanes-Oxley Act of 2002 (the Act), which includes a requirement that top executives at publicly traded companies certify the accuracy of financial results.
In November, the Associated Press reported that HealthSouth's directors, outside auditors and investment bankers had been called to testify before Congress concerning why they failed to detect the massive conspiracy, allegedly led by Scrushy, to overstate earnings of the one of the nation's largest providers of health care services. The case has already seen more than a dozen former executives of the HealthSouth Corp. plead guilty. In his sentencing hearing in November, one such executive testified that during his employment at HealthSouth, he saw invoices for hand grenades, automatic weapons, and other munitions.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.