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Essay / Research Paper Abstract
A 9 page paper discussing this healthcare company whose former CEO Richard Scrushy is the first to be tried under the 2002 Sarbanes-Oxley Act holding senior management personnel personally accountable for financial statements. The paper reviews the company history and the emergence of fraud, and provides financial information current after the company was delisted. Bibliography lists 4 sources.
Page Count:
9 pages (~225 words per page)
File: CC6_KSmgmtHlthSouth.rtf
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Unformatted sample text from the term paper:
been credited with many first before discovery of HealthSouths massive fraud several years ago. Today, he stands poised for yet another: the first corporate official to be tried
under Sarbanes-Oxley, the governments effort to reduce fraudulent financial reporting. HealthSouth History Founded in 1984, HealthSouth came into existence after respiratory therapist Richard
Scrushy was able to raise $50,000 and four other businessmen to join him in contracted rehabilitation services. The company went public in 1986, and in 1990 it added its
50th facility. By 1994, HealthSouth was the "largest provider of comprehensive rehabilitation services in the U.S., with 250 locations" (The rise and fall of HealthSouth, 2003; p. 5).
The company began work on a $4 million complex at the Colorado Springs Olympic Complex in Colorado in 1995, but it moved headquarters to Birmingham, Alabama in 1997.
By 2000, HealthSouth had performed so well over the years that it earned "recognition as a top-five performer in the S&P 500 index" (The rise
and fall of HealthSouth, 2003; p. 5). Scrushy sold 2.5 million shares of stock back to the company at a price of $10.06, netting more than $25 million on
the sale. This sale was on August 14; thirteen days later Scrushy announced that the company would restate earnings to reflect a reduction of $175 million, blamed on changes
in Medicare rules. On the next day following the announcement, investors filed the first of many lawsuits against both Scrushy and HealthSouth on charges of insider trading (The rise
and fall of HealthSouth, 2003). Scrushy stated under oath on August 14, 2002 that "the companys financial statements contain no untrue statement of
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