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29 Feb 2012
FORMER HEALTHCARE LOCUMS CFO Diane Jarvis is set to face US court proceedings in the latest twist in the saga of the troubled medical recruitment company.
Last year, Healthcare Locums discovered "serious accounting irregularities" in its accounts and had to restate them. The accounting watchdog has also launched an investigation into the audit of the accounts.
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Following the discovery of irregularities CFO Jarvis and vice-chairman Kate Bleasdale were suspended in January 2011, with Jarvis resigning in March last year and Bleasdale resigning in February 2011.
Proceedings have been filed against the former Jarvis, Bleasdale and ex-chairman Alan Walker, by a US consortium of shareholders, said Healthcare Locums in a statement to the stock exchange.
"The summons and complaint allege that Healthcare Locums and the named former directors made misrepresentations during 2010 concerning the company's profitability and its accounting practices," said the statement.
The proceedings have been filed in the southern district of New York by a consortium of funds, including shareholders Permian Master Fund, Permian Investments and Arundel Hedge Fund.
Currently a summons has not been filed directly against the company however the Healthcare Locums statement said the company was taking legal advice and will update shareholders as soon as appropriate.
In the UK the accounting watchdog the Accountancy and Actuarial Discipline Board (AADB) has launched an investigation into ICAEW, ICAS and BDO members, who were involved in the preparation, approval and audit of Healthcare Locums financial statements.
The current chief finance officer designate is Sue Bygrave, who joined from Biome Technology and began her role earlier this month.
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Just Desserts
I sincerely hope that the AADB investigation is thorough and that any accountants / auditors that have been negligent get their just desserts. The directors who have been accused of misrepresenting the profitability should also face criminal proceedings if they are shown to be culpable. A lot of shareholders lost a lot of money by believing the published accounts and I for one will be hoping they suffer seroius consequences for any misrepresentation.
Posted by: Richard, 29 Feb 2012 | 17:08