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| Topic: |
Business
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| Number of pages / Number of words: |
5 / 1286 |
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Shortly thereafter, the company’s audit committee and board of directors were notified of the fraud and acted swiftly: Sullivan was fired, Myers resigned, Arthur Andersen withdrew its audit opinion for 2001. The SEC launched an investigation into these matters on June 26, 2002 and by the end of 2003, it was estimated that the company's total assets had been inflated by around $11 billion...
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The SEC launched an investigation into these matters on June 26, 2002 and by the end of 2003, it was estimated that the company's total assets had been inflated by around $11 billion.
IN 2002, WorldCom filed for Chapter 11 bankruptcy protection in the largest filing in United States history. WorldCom changed its name to solely MCI, and moved the corporate headquarters from Clinton, Mississippi to Dulles, Virginia, on April 14, 2003...
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