Laribee Wire Manufacturing Co.

Banks and creditors of Laribee have sued Deloitte & Touche for the auditor's failure to uncover the company's overstatement of its inventory. That misstatement hid the poor financial condition of the company. Inventory frauds are becoming increasingly common, especially with successful firms having a difficult time maintaining their revenues and profitability in recessionary times.

Recommended: Could you pass a US citizenship test?

Share this story:

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...