• Royal Ahold scandal investigation deepens

    The law firm Wolf Haldenstein Adler Freeman & Herz has launched an additional investigation into Royal Ahold because of reports that Sara Lee Corp has
    May 1, 2003
    2 min read

    The law firm Wolf Haldenstein Adler Freeman & Herz has launched an additional investigation into Royal Ahold because of reports that Sara Lee Corp has suspended three employees who provided US Foodservice auditors with inaccurate information about the size of its vendor discounts.

    These discounts may have contributed to an accounting scandal that caused Ahold, a Netherlands-based supermarket and foodservice operator, to overstate earnings by at least $500 million.

    How US Foodservice accounted for vendor allowances is at the heart of investigations by the Securities and Exchange Commission and the Justice Department. Ahold said in February that it overstated 2001 and 2002 earnings by at least $500 million, sending the company's stock plunging and resulting in the ouster of its two top executives.

    Wolf Haldenstein previously filed a federal securities class action complaint in the United States District Court for the Southern District of New York against Ahold, certain of its officers and directors, and its accountant, Deloitte Touche Tohmatsu.

    The complaint was filed on behalf of those who purchased Ahold securities between May 15, 2001, and Feb 21, 2003. It alleges that defendants violated federal securities laws by issuing materially false and misleading statements throughout the class period that artificially inflated the market price of the company's securities.

    Voice your opinion!

    To join the conversation, and become an exclusive member of FleetOwner, create an account today!

    Sign up for our free eNewsletters

    Latest from Refrigerated Transporter

    Orbcomm
    orbcommcrewviewbayviewinterface
    New onboard solution enables end-to-end visibility for smart refrigerated and dry van containers in real time while in transit.
    Optimal Dynamics
    Halvor Lines recently took a “data-driven leap forward” by partnering with Optimal Dynamics to automate and optimize freight decisions.
    A new partnership with Optimal Dynamics is helping the family-owned trucking company automate freight decisions across its complex enterprise network.
    Schmitz Cargobull
    From left to right are Alexander Thoma, Schmitz Cargobull head of refrigeration unit business; Volker Flatau, Schmitz Cargobull head of the cool freight product line; Frank Reppenhagen, Schmitz Cargobull West Europe region director; Dirk Mutlak, Tevex Logistics managing director; Andreas Schmitz, Schmitz Cargobull chairman and CEO; Rene Lemke, Schmitz Cargobull Bielefeld area sales manager; Sven Masuhr, Tevex Logistics head of carrier management; and Jonathan Steckel, Schmitz Cargobull head of product management.
    Germany-based Tevex is adding 166 new refrigerated vehicles to its fleet, including an all-electric S.KOe Cool box trailer and an ePTO-ready transport refrigeration unit.