PracticeAccounting FirmsAhold lawsuit names Deloitte

Ahold lawsuit names Deloitte

A lawsuit filed by US shareholders against Dutch supermarket group Ahold, includes its auditors, Deloitte Touche Tohmatsu, following Ahold's admission of a $500m (£317m) error in its accounts.

Link: Ahold: Dutch regulator not looking at Deloittes

The suit was filed by Wolf Haldenstein Adler Freeman & Herz LLP on Wednesday in a US District Court in New York against Ahold, Deloitte and certain Ahold executives and directors.

In the complaint, the shareholders allege that the defendants ‘violated federal securities laws by issuing materially false and misleading statements’ which resulted in ‘artificially inflating the market price’ of Ahold’s share price.

The problems at Ahold have been linked to its US Food Service division, and the claim alleges that Ahold significantly overstated its operating earnings in this department.

Deloitte says it stands by its audit work, and the firm has been boosted by comments made by the Dutch accountancy regulator which has praised its work at Ahold.

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