Emerging victorious from a federal courthouse in Birmingham, Alabama, HealthSouth Corporation founder Richard Scrushy said he was headed to a church to pray.
The comment came after jurors acquitted Scrushy of all charges in connection with a multi-billion dollar earnings overstatement.
He was the first CEO charged under the Sarbanes-Oxley corporate reporting law. Scrushy had blamed the 15 former HealthSouth executives who had pleaded guilty.
After 21 days of deliberations, the jury acquitted Scrushy of all 36 counts of fraud, false corporate reporting and making false statements to regulators.
In response to the high profile setback for the government, Northwestern University law school professor Andrew Stoltmann says jurors were overwhelmed by the three dozen charges presented. He says the decision is a repudiation of Sarbanes-Oxley.
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