It was targeted in damages lawsuits by shareholders of major companies that collapsed after accounting frauds such as those involving retailer Yaohan Japan Corp.
in an accounting fraud that has humbled what was once a premier cosmetics and textile company, investigative sources said Saturday.
Separately, Bristol-Myers says it will pay $150 million to settle Securities and Exchange Commission charges that it improperly inflated its sales and earnings through a series of accounting frauds that began in April 2002.
Bristol-Myers says it will pay $300 million to resolve a shareholder lawsuit alleging accounting fraud and similar charges.
The positive aspect coming from the large accounting frauds
is that there is an increasing awareness by clients that they might have problems of their own," he adds.
8bn in expenses in what appears to be one of the largest ever accounting frauds
Despite recent multi-billion dollar accounting frauds
in the United States, fraud is a global problem," explains Wells.