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 […]

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.

I issued a report to Fraud Discovery Institute about many of the financial issues raised in the Usana Health Sciences matter. The report clarifies the issues and why they’re important from an accounting perspective, specifically regarding Generally Accepted Accounting Principles […]

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 […]

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 […]

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 […]

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 […]

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:

A few weeks ago, a court barred Vonage Holdings Corp. from signing up new customers for its internet phone service while its appeal of a patent infringement case is pending. The U.S. Court of Appeals issued a stay of the […]

Richard Scrushy, founder of HealthSouth Corp. will pay $81 million to settle Securities and Exchange Commission claims. The payment includes $77.5 million in gains and a $3.5 million penalty, but he has already been credited with $71.5 million toward this […]