October 20, 2014 6:13 AM ET

Capital Markets

Company Overview of Goldman, Sachs & Co.

Company Overview

Goldman Sachs & Co. focuses on the distribution of Goldman Sachs Funds. The company provides services that include securities brokerage, dealership, and underwriting; investment banking; commodity trading; and investment consulting. It was founded in 1999 and is based in New York, New York. Goldman Sachs & Co. operates as a subsidiary of The Goldman Sachs Group, Inc.

200 West Street

29th Floor

New York, NY 10282

United States

Founded in 1999

Phone:

212-902-0300

Key Executives for Goldman, Sachs & Co.

Managing Director
Co-Head of the Restructuring Team
President of Goldman Sachs Japan Co Ltd
Managing Director
Managing Director
Compensation as of Fiscal Year 2014.

Goldman, Sachs & Co. Key Developments

Shareholders Group Granted Class-Action Status in HCA Holdings Inc. Lawsuit

Plaintiffs who filed a securities fraud case against HCA Holdings Inc. were granted class-action status in a suit stemming from the company's $4.3 billion initial public offering in 2011. The list of defendants includes HCA's top executives, Chairman Richard Bracken and CEO Milton Johnson as well as several high-profile investment banks, including J.P. Morgan Securities, Lazard Capital Markets and Goldman Sachs & Co. A private equity group owned by affiliates of Bain Capital, Kohlberg Kravis Roberts Co. and Merrill Lynch's private equity arm is also named in the suit. The claim, brought by New England Teamsters & Trucking Industry Pension Fund as lead plaintiff, alleges HCA failed to disclose the company was experiencing a decline in Medicare and Medicaid revenues and had improperly accounted for previous reorganizations in a false and misleading initial public offering registration statement. On September 22, U.S. District Judge Kevin Sharp granted the class action status to HCA shareholders who owned common stock that was bought before the date of filing on Oct. 28, 2011. Based on the drop in the stock price from the IPO to the filing of the claim, the group has suffered more than $1 billion in damages, according to the complaint. The plaintiffs allege that HCA failed to disclose that Medicaid revenue growth had started to decline and was expected to continue to drop as a result of Medicaid cuts in Florida and Texas. Instead, HCA touted an almost 40% increase in Medicaid revenue from 2008 to 2010, which was not indicative of the company's future operating results, according to the claim. The suit also focuses on HCA's cardiology segment, which was losing physicians and was under investigation by the Department of Justice for its cardiac billing practices. An internal investigation revealed HCA was routinely performing unnecessary procedures, according to plaintiffs. The group alleges in the suit that HCA knew its revenue from cardiology services was declining in the quarters before the IPO and that those revenues were likely to continue to drop, according to Sharp's opinion granting class action. HCA argues that it disclosed Medicare revenue declines in quarterly calls before the IPO and that voluminous data concerning the Medicare and Medicaid services was available from federal data sources concerning the government programs. The plaintiffs also claim that HCA improperly accounted for two reorganization transactions as recapitalizations before the IPO, when the company was taken private in 2006 and was reorganized in 2010. The accounting error overstated earnings by $790 million.

Goldman Sachs Develops Ties with Gaddafi-Era Libya Fund

In response to a $1 billion lawsuit filed by the Libyan Investment Authority, Goldman Sachs has admitted adopting various techniques, including an internship, gifts, travel and entertainment to strengthen a strategic partnership with the LIA under the former Gaddafi regime. The admission in court documents comes amid investigation by regulators in the U.K. and the U.S. over the various measures financial giants deployed to cement their relationships with the $66 billion sovereign wealth fund.

GOLDMAN SACHS AND CO. Presents at The Bond Buyer's California Public Finance Conference 2014, Oct-09-2014 08:15 AM

GOLDMAN SACHS AND CO. Presents at The Bond Buyer's California Public Finance Conference 2014, Oct-09-2014 08:15 AM. Venue: Manchester Grand Hyatt, San Diego, California, United States. Speakers: J. Timothy Romer, Managing Director.

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