DistrictDeacon
Well-known member
- Joined
- Mar 18, 2011
- Messages
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But feel free to assume you are more equipped to reach the conclusion as to whether Casstevens was qualified or not than those who hired him. You know, based on what you read on the internet, surely you have all the facts about what went down at KK.
It's not like SEC decisions aren't easily found on the internet.
"Between approximately February 2003 and December 2003, Casstevens, in a departure from Generally Accepted Accounting Principles, improperly accounted for Krispy Kreme’s Senior Executive Incentive Compensation Plan by improperly under-accruing or reversing amounts for the Company’s quarterly incentive compensation expense, thereby misrepresenting the Company’s earnings. In addition, in Company filings and analyst conference calls, Casstevens misrepresented the Company’s financial performance and failed to disclose that but for these under-accruals and reversals, the Company would have failed to exceed its previously announced quarterly earnings per share guidance by one penny in the affected quarters. As a result of his actions, Krispy Kreme filed materially false and misleading financial information for the fourth quarter of the Company’s 2003 fiscal year in the Company’s Form 10- K for the year ended February 2, 2003, in various current reports filed during the relevant periods, and in the Company’s quarterly reports on Form 10-Q for the first three quarters of the Company’s 2004 fiscal year."