User:Jsharpminor/Zondervan/Sources

http://articles.chicagotribune.com/1985-03-06/business/8501120981_1_zondervan-sec-filing

-From the Chicago Tribune. ...circumstances surrounding signficant, unexpected writedowns. In its complaint, the SEC said that from March 30, 1984, through Nov. 17, 1984, the company filed documents that failed to reflect the value of inventories, royalties due to or owed by Zondervan, the value of certain tangible assets and the company`s financial position.

http://replay.waybackmachine.org/20030304183819/http://entertainment.yahoo.com/entnews/nyt/20020608/102355231004.html

- From Yahoo! Entertainment News: Zondervan is under fire for its connections with HarperCollins.

Two years ago, Zondervan, a Christian publisher and part of the HarperCollins division of the News Corporation, published "Paul," a novel by Walter Wangerin in which the Apostle Paul utters the phrase "God Damn." Barraged with complaints from Christian stores, Zondervan reissued the book without the phrase, with Mr. Wangerin's reluctant assent.

Now Zondervan, the largest Christian house, is under fire again, for publishing a Bible translation with more gender-neutral language, and some Evangelical competitors think they see the influence of its secular parent, HarperCollins. "There is something going on there that is saying we need to turn a greater profit at a risk of compromising our beliefs as Christians," said John Thompson, vice president of marketing for Broadman & Holman Publishing, an arm of the Southern Baptist Convention. HarperCollins, he noted, also publishes books offensive to Evangelicals like "The New Joy of Gay Sex."

http://www.enotes.com/company-histories/zondervan-corporation/further-expansion-1970-87

Though sales and profits more than doubled within the next five years, with annual revenues in 1983 of $93 million, in 1984 accounting irregularities hid losses of several million dollars. These were ultimately attributed to poor inventory control and unanticipated expenses such as unrecoverable publishing advances, but the company's chief financial officer was dismissed and Zondervan was sanctioned by the Securities and Exchange Commission. A lawsuit from a disgruntled New Jersey investor followed, eventually settled out of court for $3.6 million in 1989.

http://www.nytimes.com/1989/03/01/business/company-news-settlement-cleared-for-zondervan.html

A Federal judge has approved a $3.6 million out-of-court settlement between the Zondervan Corporation and investors who contend they lost money after irregularities were found in the religious publishing company's financial records. United States District Judge Wendell Miles, who signed the order approving the settlement Feb. 21, also agreed that attorneys for the investors should be awarded $829,000 in fees and $64,689 in costs from the settlement figure.

The 1985 lawsuit was filed by a New Jersey investor, Samuel A. Kantor, who said he had been induced to buy Zondervan stock because of false statements the company made to the Securities and Exchange Commission. Zondervan later said it had discovered discrepancies in the company's financial records. Company directors suspended the regular quarterly dividend and the stock price plummeted.