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.
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