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Enron Filed for bankruptcy on December 2, 2001. As the public began to realize what had happened, Enron’s shares dropped from $90.00 US to less than 50?. After Enron’s huge financial plunge, information was revealed that much of the profits and revenue were the result of deals with special purpose entities. Which resulted in the majority of Enron’s debt then was not reported in the financial statements. Including the scandal of Enron caused dissolution of Arthur Andersen, which was one of the world’s top 5 accounting firms. On June 15, 2002, Arthur Andersen was convicted of obstruction of justice for shedding documents related to its audit of Enron...
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