ConAgra Foods Inc.

Omaha, NE: (Jul-25-07) The US Securities and Exchange Commission (SEC) brought civil charges against ConAgra Foods Inc., alleging that the company used improper accounting to help it meet Wall Street expectations. The civil complaint was filed in the US District Court in Denver, accusing the company of improper and fraudulent accounting in fiscal years 1999 through 2001. As a result, the SEC alleged, ConAgra misreported profits between the first quarter of fiscal 1999 and the third quarter of fiscal 2001. The company did not admit or deny the SEC charges, but agreed to a settlement, which included a payout of a $45 million civil fine. SEC officials stated that the fine would be placed in a fund to be distributed to harmed investors. In 2005, ConAgra agreed to pay $14 million to settle a lawsuit over fictitious sales and misreported earnings at United Agri Products that inflated ConAgra's earnings. [FORBES: IMPROPER ACCOUNTING]

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Published on Jul-26-07