[ Business | US Market | Industry | IPO | S&P | International | PRNews | BizWire | Finance Home ]
Tuesday December 2, 8:29 pm Eastern Time
NEW YORK, Dec 2 (Reuters) - Green Tree Financial Corp was named in a shareholder lawsuit filed in U.S. District Court in Minnesota, claiming that the company misrepresented its financial condition, a law firm said.
Green Tree and certain officers and directors were named in the suit, the law firm of Stull, Stull & Brody said in a statement.
Green Tree was not immediately available for comment.
On November 13, 1997, Green Tree said it was taking a $125 to $150 million reserve in the fiscal fourth quarter of 1997, to adjust for improper accounting assumptions made in conjunction with the company's use of gain-on-sale accounting.
The company's stock fell after this disclosure, the law firm said.
|More Quotes and News:||Green Tree Financial Corp (NYSE:GNT - news)|
|Related News Categories: banking|
Copyright © 1997 Reuters Limited. All rights reserved. Republication or
redistribution of Reuters content is expressly prohibited without the prior written
consent of Reuters. Reuters shall not be liable for any errors or delays in the content,
or for any actions taken in reliance thereon
Important Disclaimers and Legal Information
Questions or Comments?