Case 19: Adelphia Communications (2002)

• Prof. Dr. Klaus Henselmann
• Dr. Stefan Hofmann

The Adelphia case ranks among the biggest corporate fraud prosecutions in U.S. history. The SEC called it “one of the most extensive financial frauds ever to take place at a public company”. However, the thing that makes this case stand out is the scope and magnitude of corporate looting. One analyst commented: “In terms of the brazenness and the sheer amount of dollars yanked out of this company and out of the pockets of investors, it’s really quite stunning.” Another observer stated: “This could be the sexiest of all the cases. It should become a show-and-tell in all business schools as the antithesis of public company management and stewardship.”

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