As the internal accounting probe of the sales numbers of Alexion Pharmaceuticals, Inc. nears completion, its CEO David Hallal and CFO Vikas Sinha have unexpectedly resigned. Mr. Hallal for personal reasons and Mr. Sinha to pursue other opportunities. Wonder what the personal reason and other opportunities are!
What perfect timing! I am most intrigued now what the results of the accounting probe will be.
For three years in a row the Department of Housing and Urban Development has received the same accounting and internal controls conclusion from the audit of its financials. What is the conclusion: the audit found 11 material weaknesses, seven significant deficiencies in internal controls, and five instances of noncompliance with applicable laws and regulations. To add to that one of its subsidiary Ginnie Mae could not even present its material asset balances related to some loan assets in an audit ready state.
One may ask, so what is the company doing about it. Well looks like nothing, the officials refuse to explain why they haven’t fixed the poor accounting practices and fixed the financials. If they cant maintain their financials properly, how can they be trusted to safeguard the taxpayer money!
Weatherford International announced the sudden exit of it’s CEO Bernard Duroc- Danner. The move though sudden is not unexpected. Recently the company settled with SEC on deceptive accounting charges. The company had overstated its results to meet its earlier announced projections and analyst’s expectation.
In light of that, it would make sense for the company’s CEO to leave, wouldn’t it?