Vesta restates earnings: insurer revises accounting methods, names new CFO. (Vesta Insurance Group Inc.; James E. Tait)

From: Business Insurance | Date: July 6, 1998| Author: | Copyright information

Vesta Insurance Group Inc will restate its earnings from 1993-1998 to correct problems generated by an improperly reduced reserves and an overestimated premium income. The incorrect reports resulted in the reduction of stock price from $52.69 to $26 and proposed shareholder class-action lawsuits accusing the company of filing fraudulent financial statements. The irregularities also triggered the resignation of Pres and CEO Robert Y Huffman, who was replaced by Norman W Gayle, III, and the hiring of James E Tait as acting CFO.

BIRMINGHAM, Ala. - Vesta Insurance Group Inc. will restate its ...

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