Two former top Kmart executives face Securities and Exchange Commission charges for misleading investors about Kmart's financial condition in the months preceding the retailer claiming bankruptcy in January 2002.
According to the SEC's allegations, former chief executive Charles C. Conaway and former chief financial officer John T. McDonald made misleading disclosures about the company's liquidity in its quarterly financial reports from October 2001, as well as making misleading statements in an earnings conference call with analysts and investors. The suit was filed in the U.S. District Court in the Eastern District of Michigan.
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