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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OF 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 29, 2001
CORVEL CORPORATION
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(Exact name of registrant as specified in its charter)
Commission file number O-19291
Delaware 33-0282651
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(State or other jurisdiction (IRS Employer
of incorporation or organization) Identification No.)
2010 Main Street, Suite 1020, Irvine, California 92614
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(Address of principal executive office) (zip code)
Registrant's telephone number, including area code: (949) 851-1473
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Item. 4 Changes in Registrant's Certifying Accountant.
(a) Dismissal of Independent Accounting Firm
On March 29, 2001, the Company dismissed Ernst & Young LLP ("Ernst &
Young") as the Company's independent auditors. The decision to dismiss Ernst &
Young was approved by the Board of Directors of the Company.
The reports of Ernst & Young on the Company's financial statements for each
of the past two fiscal years did not contain an adverse opinion or a disclaimer
of opinion, and were not qualified or modified as to uncertainty, audit scope,
or accounting principle.
In connection with the audits by Ernst & Young of the Company's financial
statements for each of the two fiscal years ended March 31, 2000 and 1999, and
in the subsequent interim period through March 29, 2001, there were no
disagreements with Ernst & Young on any matters of accounting principles or
practices, financial statement disclosure, or auditing scope and procedures,
which, if not resolved to the satisfaction of Ernst & Young would have caused
Ernst & Young to make reference to the matter in their report.
The Company has requested Ernst & Young to furnish the Company with a
letter addressed to the Commission stating whether it agrees with the above
statements. A copy of that letter, dated April 4, 2001 is filed as Exhibit 16 to
this Form 8-K.
(b) New independent accountant
On March 29, 2001, the Company elected Grant Thornton LLP ("Grant
Thornton") as the Company's independent auditors. The decision to change
auditors was approved by the Board of Directors of the Company.
During the two most recent fiscal years and the subsequent interim period
through March 29, 2001, neither the Company nor anyone on behalf of the Company
consulted Grant Thornton regarding either the application of accounting
principles to a specified transaction, either completed or proposed, or the type
of audit opinion that might be rendered on the financial statements of the
Company or any matter described in Regulation S-K Item 304(a)(2).
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Financial statements of business acquired: Not Applicable.
(b) Pro forma financial statements: Not Applicable.
(c) Exhibit.
16. Letter from Ernst & Young LLP, regarding the concurrence with
the Registrant's statement regarding change of accountants.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
CORVEL CORPORATION
April 4, 2001 By: V. Gordon Clemons
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V. Gordon Clemons
Chairman of the Board, Chief
Executive Officer and President
/s/ Richard J. Schweppe
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Richard J. Schweppe
Chief Financial Officer and
Accounting Officer
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EXHIBIT INDEX
Exhibit
Number Description
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16. Letter of Ernst & Young LLP regarding the concurrence with the
Registrant's statement regarding change of accountants.