PwC facing lawsuit over Cadbury audit
Nigerian shareholders suing PwC for alleged breach of duty
PwC and the board of Cadbury Nigeria are being sued by more than 300
shareholders, who are also demanding access to a financial review carried out by
Shareholders claim they ‘suffered a huge loss’ as a result of the
overstatement of Cadbury Nigeria’s financial position and that the defendants
failed to act in their interest.
In December last year, Cadbury said it had discovered ‘a significant and
deliberate overstatement of Cadbury Nigeria results, which had existed over a
number of years’ after increasing its stake in the business from 46.4% to 50.02%
Neither Cadbury Schweppes nor PwC would comment.