Fannie Mae Hit with 2 Suits Over Accounting

Published on:
12 September 2006 at 10:18 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00007705-fannie-mae-hit-with-2-suits-over-accounti/

WASHINGTON – Two groups of investors sued Fannie Mae on Tuesday for allegedly misrepresenting the mortgage giant’s financial statements.

One suit, filed in a Washington, D.C., federal court, is on behalf of investors who bought Fannie’s common stock between Jan. 13, 2000, and Sept. 22, 2004. The other, filed in New York, represents investors who bought the stock between Oct. 16, 2003, and Sept. 22, 2004.

On Sept. 22, Fannie Mae’s federal regulator issued a highly critical report about the company’s alleged manipulation of earnings data. In one case, the report said, the misreported data allowed top executives to reap substantial bonuses.

For this complete story, please visit Fannie Mae Hit with 2 Suits Over Accounting.

Fannie Mae Hit with 2 Suits Over Accounting

Unknown Author

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