As publicly-traded corporation

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As a publicly-traded corporation, Adelphia, Inc. was one of the largest providers of cable services in the United States. After the company went public, it was learned that the company had materially misrepresented its audited financial statements by failing to disclose billions of dollars in debt. To make matters worse, the company’s independent auditors were found to have been complicit in the fraudulent activity, helping the company to conceal the lavish personal expenditures of the Rigas family.

Reference no: EM131124899

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