Fremont General Reports Loss, Shares Plunge

March 9, 2001

Fremont General Corp. reported on Thursday a much larger fourth-quarter loss that originally expected as the Santa Monica, Calif.-based company took a large charge to continue scaling back its workers compensation insurance operation.

Pre-tax charges total $267.8 million, including $198.0 million for goodwill. The news resulted in shares falling 34 cents, or about 9 percent, to $3.46 on the New York Stock Exchange.

The stock has lost 89 percent of its value over the last three years based on struggles with its workers compensation business.

Was this article valuable?

Here are more articles you may enjoy.