Adecco to face disclosure probe

Link: Adecco faces dual accounts probe

The Swiss Stock Exchange launched a probe into the possibility Adecco had released market-sensitive information as its stocks plummeted in the wake of revelations of ‘material weakness in internal controls’ in its North American operation.

Ironically, the firm has faced intense media criticism for remaining tight-lipped during the scare over its accounts.

The investigation is understood to centre on briefings given by Felix Weber, the company’s chief financial offer, to favoured investors, analysts and clients. He also gave an interview to the New York Times, in which he downplayed the severity of Adecco’s problems. Weber later left the troubled employment agency.

In a statement, the company said it would cooperate fully with the Swiss investigation – but reserved public comment until the inquiry was concluded.

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