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Healthcare Services Group Settles an Accounting Lawsuit for $6 Million

Healthcare Services Group has agreed to pay $6 million to settle charges that its CFO failed to record loss contingencies from legal liabilities to inflate its earnings.

According to the U.S. Securities and Exchange Commission, the accounting violations resulted in HCSG’s earnings being misstated for six quarters between the first quarter of 2014 and the fourth quarter of 2015.

Had CFO John Shea “properly recorded the financial impact of the loss contingencies at the time they were probable and reasonably estimable, the company would have reported lower EPS and missed research analysts’ consensus EPS estimates in many of the applicable quarters,” the SEC said in an administrative order.

Read the source article at CFO: Corporate Finance News and Events

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