Ru555 states the industry is "dirty". Historically it was notoriously so & I agree but it's a hell of a lot "cleaner" now. Corporate ownership in the industry has helped and is a reason for insurers to push work to corporates and away from independents.
My hunch is what you're saying is right. If there was a material difference between actual financials reported and now reviewed/independently audited, the stock would be in a halt/suspension until an announcement could be made to comply with disclosure regulations.....otherwise the company and the Directors would be looking at the mother of all lawsuits for non disclosure of price sensitive information while allowing stock to trade.
This has the smell of something uniquely concerning the CEO.....it's near impossible to maintain a fraud (and I'm not stating or insinuating he's committed any of the sort) in a company of this size of a public listed entity on the sole actions of a single executive so I doubt it goes to solvency. However, I would have thought it prudent to place an executive on leave for the duration of an investigation into their alleged conduct pending the release of a full examination into whatever allegations were raised especially if it was heinous enough to lead to dismissal.
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