Thursday, June 28, 2007

Beazer homes shredding documents

From bloomberg:

June 28 (Bloomberg) -- Shares of Beazer Homes USA Inc. fell as much as 8 percent after the company said it fired its chief accounting officer for attempting to destroy documents while it is under investigation for potential fraud by the FBI.

Beazer, based in Atlanta, fired Michael Rand after an internal probe of the company's mortgage unit, according to a filing yesterday after the close of regular stock market trading with the U.S. Securities and Exchange Commission. A message left at Rand's home was not immediately returned.

``This raises red flags regarding the content of the documents in question, in our view,'' Michael Rehaut, an analyst at J.P. Morgan Securities Inc. wrote in a report yesterday.

1 comment:

Zeeshan Syed said...

My friend Chris had a few shares and now he is actually regretting buying them!

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