• Jun 7th 2006 at 1:30PM
  • Add

Presumably, the fact that "target letters" have been sent to seven ex-Delphi executives by the Securities and Exchange Commission is not a welcome sign for those on the receiving end of that particular communiqué. It's likely that the letters are a step towards civil charges being filed against the individuals for their roles in the accounting scandal that led Delphi to dramatically restate several years of earnings, with an adjustment of over $300M being made to the company's profits prior to its October bankruptcy filing. At this time, it's not clear exactly who is being targeted by the SEC.

The Justice Department may soon be joining the case to toss in some criminal penalties, and several shareholders and retirees have filed their own civil lawsuits against Delphi.

[Source: Detroit News] 

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Toyota Corolla
    MSRP: $16,950 - $22,955
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    Share This Photo X