ConAgra Foods will pay $14 million to settle a lawsuit over fictitious sales and misreported earnings at a former subsidiary. Nebraska-based ConAgra announced in 2001 that accounting problems at United Agri Products would result in $120 million in lower earnings for 1998 through 2000. The complaint alleged that, throughout those years, United Agri Products reported sales of goods that had not yet taken place or that went to nonexistent customers. ConAgra sold United Agri Products in 2003.
May 31, 2005 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
ConAgra Foods will pay $14 million to settle a lawsuit over fictitious sales and misreported earnings at a former subsidiary.
Omaha, Neb.-based ConAgra announced in May 2001 that accounting problems at its Greeley, Colo.-based subsidiary, United Agri Products, would result in $120 million in lower earnings for 1998 through 2000.
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