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.
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016