Guest guest Posted January 1, 2003 Report Share Posted January 1, 2003 > > Thanks to Rogene for alerting us to what Inamed is up to ... here's > information of their serious securities violations ...how can women > trust their lives to this company? > > http://www.sec.gov/litigation/litreleases/lr16466.htm > > http://www.sec.gov/litigation/admin/34-41751.htm > > > > U.S. Securities and Exchange Commission SEC v. K. McGhan, Civ. > Action No. 00CV00475 Litigation Release No. 16466 / March 8, 2000 > Accounting and Auditing Enforcement Release No. 1234 / March 8, 2000 > > SEC Files Settled Financial Fraud Case Against Inamed Corporation's > Former CEO McGhan > > The Securities and Exchange Commission filed today a settled civil > injunctive action against K. McGhan, Inamed Corporation's > former > Chairman and Chief Executive Officer. The complaint alleges that in > 1996 > and 1997, Inamed Corporation, a publicly owned breast implant > manufacturer, made materially false and misleading statements and > omissions in its financial statements and periodic reports filed with > the Commission and in press releases distributed to the > investing public. As Inamed's former Chairman and Chief Executive > Officer, McGhan was > responsible for the company's public financial > disclosures and either knew or was reckless > in > not knowing of the company's materially > false and misleading statements and omissions > during this period. Without admitting or > denying the allegations of the complaint, > McGhan > consented to the entry of a final > judgment permanently enjoining him from > violating the antifraud, record-keeping and > internal controls provisions of the federal > securities laws [sections 10( and 13((5) of > the Securities Exchange Act of 1934 and Rules > 10b-5 and 13b2-1, thereunder], and > ordering him to pay a $50,000 civil penalty. > > The complaint alleges that Inamed failed to > record a $1.4 million interest expense > relating to a waiver of an indenture default > and > thus materially overstated income and > shareholder equity for the quarter ended June > 30, 1996. McGhan signed the Form 10-Q > and knew or was reckless in not knowing that > it > contained <snip> > Quote Link to comment Share on other sites More sharing options...
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