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Cardinal under formal SEC investigation

Executive Summary

Securities & Exchange Commission initiates formal investigation into Cardinal's historical financial information relating in part to the accounting treatment of $22 mil. in revenues received from a vitamin price-fixing litigation settlement. SEC has been investigating the issue informally since October (1"The Pink Sheet" Oct. 13, 2003, In Brief). In April, Cardinal's audit committee retained independent counsel to conduct an internal review...

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Cardinal’s SEC request

Wholesaler receives an SEC request for "historical financial and related information," including information on the accounting treatment of a $22 mil. settlement in vitamin price-fixing litigation. Cardinal describes the request as part of an "informal inquiry" and says it is "highly confident in its accounting and financial disclosure practices, and intends to cooperate fully." Questions about the timing of Cardinal's recognition of the settlement funds were raised in April by the Wall Street Journal (1"The Pink Sheet" April 14, 2003, p. 28)...

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