L.A. BRONCOS FAN
08-07-2004, 02:04 AM
NEW YORK (Reuters) - Halliburton Co. and several top executives intentionally engaged in "serial accounting fraud" from 1998 to 2001, including when it was led by Vice President Dick Cheney, according to a new filing in a shareholder class-action lawsuit against the company.
The filing accuses Houston-based Halliburton, the world's No. 2 oilfield services company, of systematic accounting misdeeds far more wide-ranging than those charged in a recent civil lawsuit by the U.S. Securities and Exchange Commission. Cheney was not named as a defendant in either proceeding.
Halliburton agreed on Tuesday to pay $7.5 million to settle SEC charges that it misled investors by not disclosing an accounting change that boosted profit in 1998 and 1999.
Among other things, the filing accuses Halliburton of inflating results, failing to disclose a big asbestos verdict in a timely manner, and being unable to account for $3.1 billion of profit and cash.
http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5899628
The filing accuses Houston-based Halliburton, the world's No. 2 oilfield services company, of systematic accounting misdeeds far more wide-ranging than those charged in a recent civil lawsuit by the U.S. Securities and Exchange Commission. Cheney was not named as a defendant in either proceeding.
Halliburton agreed on Tuesday to pay $7.5 million to settle SEC charges that it misled investors by not disclosing an accounting change that boosted profit in 1998 and 1999.
Among other things, the filing accuses Halliburton of inflating results, failing to disclose a big asbestos verdict in a timely manner, and being unable to account for $3.1 billion of profit and cash.
http://www.reuters.com/newsArticle.jhtml?type=domesticNews&storyID=5899628