Summary
Waste Management, Inc. (WM) has filed an 8-K report on June 18, 2001, to address the settlement between Arthur Andersen and the SEC. This settlement is related to an SEC investigation concerning the February 1998 restatement of financial statements for Waste Management Holdings, Inc. (a former entity, now a subsidiary, that was the original Waste Management, Inc. prior to its acquisition by the current WM in July 1998). The restated financial years in question were 1993 through 1996, which were audited by Arthur Andersen. The company states in the accompanying press release that it has fully cooperated with the SEC's investigation. Crucially, Waste Management, Inc. does not anticipate any legal action against the company itself in connection with the events detailed in the Arthur Andersen settlement. This filing is primarily an informational update to assure investors that WM is not expected to face direct repercussions from the Arthur Andersen matter.
Key Highlights
- 1Waste Management, Inc. (WM) is providing an update regarding the SEC's investigation into Arthur Andersen's settlement.
- 2The SEC investigation stems from the 1998 restatement of financial statements for Waste Management Holdings, Inc. (a former entity acquired by WM).
- 3The restated financial periods cover calendar years 1993 through 1996.
- 4Arthur Andersen was the auditor for these financial statements.
- 5WM has fully cooperated with the SEC's investigation.
- 6The company does not believe the SEC will pursue any action against Waste Management, Inc. itself related to this matter.