Posted by Tracy Coenen on April 30, 2007 · 2 Comments
This is hilarious. Roy Pearson, a ?Washington D.C. administrative law judge sued a dry cleaner because they lost his pants. And he wants $65,462,500. He says he’s entitled to that $65 million because he’s had? .mental suffering, inconvenience and discomfort..
Wow. We’ve all had a favorite pair of pants. But if mine were lost, I don’t [...]
Posted by Tracy Coenen on April 30, 2007 · Leave a Comment
A full-page ad in the Wall Street Journal, Chicago Tribune, and Washington Post by the U.S. Chamber Institute for Legal Reform (a pro-business group) suggests that lawsuit abuse costs the average American family $3,520.
That is the alleged increase in cost of goods ad services due to these lawsuits. This figure was determined by Tillinghast (part [...]
Posted by Tracy Coenen on April 29, 2007 · 1 Comment
Based upon the quality (or lack thereof) of this week’s submissions, it seems this is a good time to tell everyone what the Carnival of Fraud is all about…
The Carnival of Fraud is part of the Blog Carnival site. The key word there is BLOG. The Carnival of Fraud is for blog posts, not other [...]
Posted by Tracy Coenen on April 27, 2007 · Leave a Comment
Today another class action suit was filed against Usana Health Sciences today, with a class period of July 18, 2006 to March 14, 2007.
The twist:
?The lawsuit was filed in the United States District Court for the District of Utah. Based on recent additional allegations of wrongdoing at USANA it is possible that the Class Period [...]
Posted by Tracy Coenen on April 27, 2007 · Leave a Comment
An alleged Usana employee has suggested that Usana did not have the 153,000 “active” associates that it claimed in its December 31, 2006 10-K. I hope the SEC asks for proof of this number.
Posted by Tracy Coenen on April 27, 2007 · 2 Comments
Marilee Jones, the dean of admissions for Massachusetts Institute of Technology, has resigned after it was discovered that she falsified her credentials. She claimed on her 1979 application to MIT that she had a bachelor’s and master’s degree from Rensselaer Polytechnic Institute, when she really only attended one year of part-time schooling there.? Jones also [...]
Posted by Tracy Coenen on April 27, 2007 · Leave a Comment
Four defendants pleaded guilty to selling millions of dollars worth of fake Rockwell Automation software. The counterfeit software was sold on eBay, and had a retail value of $19 million. Each defendant faces five years in prison and a fine of $250,000. There have now been seven felony convictions for seling counterfeit Rockwell software.
Posted by Tracy Coenen on April 25, 2007 · Leave a Comment
A proposed amendment to make the internal controls portion of Sarbanes-Oxley optional for smaller corporations was defeated in the U.S. Senate this week. Specifically, the change would have allowed companies with market value less than $700 million to opt out of complying with Section 404 of SarbOx.
Sarbanes-Oxely has been criticized as too expensive relative to [...]
Posted by Tracy Coenen on April 25, 2007 · 1 Comment
I was cruising cyber-space, seeing what others had to say about today’s earnings call for Overstock.com. I made my feelings clear about the use of the word “improvement.” Overstock’s numbers are terrible, and when compared to last year, no one in their right mind thinks that’s “improvement.”
Investigative reporter Gary Weiss suggested a potentially appropriate [...]
Posted by Tracy Coenen on April 25, 2007 · 3 Comments
It seems that the executives of online retailer Overtsock.com may want to invest in a good dictionary.
According to the transcript of today’s earnings call, they said:
Jason C. Lindsey: “I am pleased with the quarter. I think we made a big improvement….”
Patrick M. Byrne: “I will echo that… I think that this is what we aimed [...]
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