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SEC Charges Leah Industries, Inc. With False Claims Over Who Its Auditors Were
The SEC and NASD provided details of their regulatory crackdowns at a recent life insurance product conference.
Apparently seeking credibility, Leah Industries is accused of issuing a press release and making oral misrepresentations, in violation of the anti-fraud provisions of the federal securities laws, that Deloitte & Touche as well as Pricewaterhouse Coopers were its auditors.
While the company was making these false claims, the SEC alleges that a company insider was selling shares of company stock.
The SEC suspended trading in Leah securities on March 12, 1999.
Source: Wall Street Journal, October 2, 2000
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