Also, Many staff ended up laid off. On June 15, 2002, Arthur Andersen was observed responsible of shredding proof and misplaced their license to interact in public accounting. 3 yrs later on, Andersen’s attorneys properly persuaded the U.S. Supreme Court to unanimously overturn the obstruction of justice verdict on The idea of defective jury Guidance. But by then, there was absolutely nothing still left in the organization past 200 employees handling its lawsuits.
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However, its downfall in 2001 revealed popular accounting fraud and led to your bankruptcy of the business, leaving Countless staff members jobless and wiping out billions of dollars in shareholder benefit.
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