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Hardware Store Buying Cooperative Ordered to Cease-and-Desist Financial Misstatements

In the Matter of TruServ Corporation, Respondent

  • 2003

As a result of inadequate internal controls, respondent, a Delaware corporation, was found to have understated expenses such as cost of goods sold from approximately July 1997 through the end of 1999, resulting in overstatements of net income of tens of millions of dollars.

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