BusinessCompany NewsPwC to face Tyco lawsuit

PwC to face Tyco lawsuit

Judge gives go ahead to sue

PricewaterhouseCooopers is likely to face a lawsuit from the former
shareholders of conglomerate Tyco International following a ruling by a federal
judge.

The ruling opens the way for investors who bought Tyco stock between 13
December 1999 and 7 June 2002 to join the lawsuit.

Some estimates from the period, claim that stock losses totaled some $60bn
(£32bn), WebCPA reported.

Tyco said it would continue to defend itself against the charges.

In April Tyco said it would $50m (£27m) to settle allegations by the
Securities and Exchange Commission that the company inflated its earnings by
more than $1bn (£541m) between 1996 and 2002.

Last September Tyco’s former chief executive Dennis Kozlowski and former
chief financial officer Mark Swartz were convicted of fraud whereby
they inflated the company’s stock price through bad accounting and awarding
themselves huge bonuses.

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

2m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

6m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

6m Alia Shoaib, Reporter
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

9m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

9m Emma Smith, Managing Editor
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

9m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

9m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

9m Emma Smith, Managing Editor