Following a profits warning in January, news emerged that the public company was using special purpose vehicles to inflate its profits – accounting policies similar to those that brought down Enron, the US energy giant.
Commenting on the investigation, announced last Thursday, the company said it welcomed ‘the opportunity to resolve all matters raised by the SEC in light of recent allegations made against the company in the media and in shareholder lawsuits’.
Elan is facing a class action filed in the US by angry shareholders alleging the company’s profits had been artificially inflated. Elan shares trade on the New York, London and Dublin stock exchanges.
Its share opened at £1.04 in London today up 9.9% from a fall of 5% to 927p on Friday.
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation