Vesta probes accounting 'irregularities'. (Vesta Insurance Group Inc.)

From: Business Insurance | Date: June 8, 1998| Author: | Copyright information

Vesta has confirmed that the examination of its reinsurance accounting practices by New York law firm Shereff, Friedman, Hoffman and Goodman caused its investors to unload an alarming amount of the company's stocks. Share values declined by almost 50%, affecting Vesta's projected earnings for 1st qtr 1998. Pres and CEO Robert Y. Huffman and senior VP for administration Barry A. Patrick have announced their resignations. 

Vesta Insurance Group Inc. 
 
($ in thousands) 
 
                           1997         1996 
 
Gross premium volume     $870,909     $769,586 
Net premium volume        ...

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