This week Overstock.com (NASDAQ:OSTK) notified the public that they wouldn’t file their third quarter 10-Q on time. The reason: The registrant has been unable to complete its financial statements for the quarter ended September 30, 2009, as it is continuing […]
I’ve written extensively in the past about the train wreck that is Overstock.com (NASDAQ:OSTK) and its nutty CEO, Patrick Byrne. Just when I think there couldn’t possibly be more to write about the horrible company and Byrne’s crazy antics, I’m […]
Auditing firms are in a world of trouble. Their audit procedures haven’t really kept up with the changing business environment, and the expectations of the users of financial statements are practically impossible for auditors to fulfill. Regardless of the many […]
Mark Jackson, president of EchoStar Corp. (NASDAQ:SATS), doesn’t have an engineering degree from Texas Tech, as had been claimed in numerous filings and public relations pieces. The fake degree was also listed in an annual report for ArchosSA, a French […]
Last week, Sam Antar exposed yet another set of accounting manipulations by Overstock.com (NASDAQ:OSTK) and CEO Patrick Byrne. Those who have carefully followed the Overstock saga are no doubt unsurprised at company’s use of a little accounting “presto chango” to […]
It’s no secret that I feel that audits are almost completely ineffective when it comes to verifying the validity of financial statements. Sure, an audit checks the math and some of the obvious applications of the accounting rules. But audits […]
It can’t be! It’s being alleged that Securities and Exchange Commission employees cared more about their careers than actually doing their jobs. One might think that a strong enforcement record might be career enhancing, but what do I know. It’s […]
Consumers are often left wondering why the Securities and Exchange Commission doesn’t heavily pursue allegations of fraud against public companies like Overstock.com (NASDAQ:OSTK), Usana Health Sciences (NASDAQ:USNA), Herbalife (NYSE:HLF), and the like. I’ve always said the answer is simple: There […]
A few months ago, a committee advising Treasury Secretary Henry Paulson on the “state of auditing” recommended that Big 4 audit firms be required to submit audited financial statements to the Public Company Company Accounting Oversight Board (PCAOB). It’s suggested […]
From the Wall Street Journal: The University of California, Irvine, says a Broadcom Corp. [NASDAQ:BRCM] executive didn’t earn two academic degrees listed in his corporate biography.
