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Non-Tech : frauds
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To: E_K_S who wrote (1)9/17/2023 10:03:31 AM
From: E_K_S   of 6
 
Miniscribe filed for bankruptcy in 1993 and was liquidated in 1996. The company's shareholders were left with nothing.

The Miniscribe scandal was a major blow to the company's shareholders. The company's stock price had been trading at around $100 per share in the early 1990s, but it plummeted to just a few cents per share after the fraud was revealed.

The scandal also had a significant impact on the hard drive industry. Miniscribe was one of the leading hard drive manufacturers in the world, and its collapse led to a loss of confidence in the industry as a whole.

The Miniscribe scandal is also a cautionary tale about the dangers of accounting fraud. It shows how even the most successful companies can be vulnerable to fraud if they have weak internal controls and a lack of oversight from the board of directors.

In addition to the financial losses incurred by shareholders, the Miniscribe scandal also had a negative impact on the company's employees. Thousands of people lost their jobs when the company liquidated, and many of them were left with significant financial difficulties.

The Miniscribe scandal is a reminder of the importance of corporate governance and financial transparency. It is also a reminder of the devastating impact that accounting fraud can have on shareholders, employees, and the wider community.
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