Firms Under Investigation For Securities Fraud
Enron Securities Fraud Lawyers
The lawyers and attorneys at our firm are currently offering free case evaluations to victims of Enron securities fraud. If you or someone you know suffered a financial loss as a result of the securities fraud committed by executives, directors, and officers at Enron, we urge you to contact one of our Enron securities fraud lawyers as soon as possible to protect your legal rights.
Enron, an energy company based in Houston, Texas, dealt with the energy trade on an international and domestic basis. Enron was billions of dollars into the red, but attempted to hide this debt through partnerships with other companies, fraudulent accounting, and illegal loans. Enron, which was forced to file for bankruptcy in 2001, constitutes one of the biggest securities fraud scandals in US history.
An SEC investigation of Enron uncovered various securities fraud schemes that were designed to hide the company's losses from stockholders. Such frauds on the part of high-ranking Enron executives, investment banking partners, and the company’s accounting firm, Arthur Anderson, were used to hide the true financial status of the company. Many of the executives have been charged with wire fraud, money laundering, securities fraud, mail fraud, and conspiracy.
As a result of the massive fraud at Enron, shareholders lost tens of billions of dollars. Thousands of Enron employees and investors lost all their savings - including pension - when Enron collapsed. Because the Enron 401(k) plan was a defined contribution plan, there was no Pension Benefit Guaranty Corporation insurance and employees lost the money they invested in Enron stock. Even now, years later, many victims of Enron securities fraud have yet to fully recover from their losses.
Stockholders and the public were not made aware of the company's losses until October 2001 when Enron announced that the company was actually worth $1.2 billion less than previously reported. Top level executives at Enron were aware that the company was insolvent, but purposely misled investors. Some officers at Enron, aware that the company was headed for a financial abyss, went so far as to urge employees and others to purchase more shares of Enron stock, even as they sold their own.
Much of Enron's so-called "profits" were the result of deals with special purpose entities (limited partnerships which it controlled). Enron's debts and the losses that it suffered were not reported in its financial statements. As a result of the fraud at Enron, shares of the company's stock dropped from over $90.00 to just pennies in October 2001.
Legal Help for Victims of Enron Stock Fraud
If you or someone you know owned stock in Enron and suffered financial losses because of the securities fraud committed by Enron executives, auditors, and investment banking partners, you have valuable legal rights. Please contact one of the Enron securities fraud lawyers at our firm by filling out our online form or calling 1-800-LAW INFO (1-800-529-4636).