Jo Lernout and Pol Hauspie were reportedly arrested yesterday and charged with fraud. The allegations include stock manipulation and falsification of documents. Both are expected to appear in court on Monday morning.
L&H has been granted bankruptcy protection by a Belgian court, which said that it faces claims from creditors totalling almost £350m. It is also thought that the company has hired Credit Suisse First Boston to look at the possibility of a sale of its assets to repay the debt.
Both founders resigned from the company last year after it was revealed that revenue projections had been inflated, although they remain major shareholders.
L&H stock has been suspended from trading on the both the USA and European Nasdaq exchanges.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast