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