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In re Enron Corporation Securities, Derivative & ERISA Litigation
Citation:
235 F. Supp. 2d 549 (2002)Facts
Lead plaintiff asserts that defendants participated in an enormous Ponzi scheme, the largest in history, involving illusory profits generated by phony transactions with Enron-controlled entities and improper accounting tricks to inflate Enron’s reported revenues and profits, conceal its growing debts, maintain its artificially high stock prices and investment grade credit rating, while continuing to raise money from public offerings of Enron to sustain the scheme and to postpone the collapse of the corporation. Lead plaintiff also paints a picture of participation in the scheme by Enron’s accountants, outside law firms, and banks, which all were the beneficiaries of such enormous fees and increasing business with the result that their opinions were rubber stamps that deceived investors and the public. The consolidated complaint charges that defendants caused Enron to violate Generally Accepted Accounting Principles and SEC rules.
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