PracticeAccounting FirmsPwC settles E-district dispute

PwC settles E-district dispute

Out of court settlement reached with AIM-listed company

The case involving E-District, the internet company now called YooMedia, and
its former auditor PricewaterhouseCoopers, has been resolved after both parties
reached an out-of-court settlement.

The terms of the settlement were not disclosed.

PwC as both auditors and ‘reporting accountants’ were sued by shareholders
after signing their name to a prospectus as E-District prepared for a £150m
initial public offering in 2000.

It later emerged that false financial information was included in the report,
with the shareholders group alledging that had the true financial figures been
known, the shares would have been worthless, the Independent reported.

David Greene, of the shareholders’ solicitors, Edwin Coe, said: ‘It is
certainly pleasing to draw a line under this incident, in which investors were
duped. E-District was certainly not the first of such events and may not be the
last.’

A spokesperson for PwC said: ‘We can confirm that a settlement acceptable to
all the parties was reached.’

YooMedia’s activities include online gambling and dating

Related Articles

LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

25m Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

6d Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

1w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

1w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

2w Emma Smith, Managing Editor
RSM announces two partner promotions

Accounting Firms RSM announces two partner promotions

3w Emma Smith, Managing Editor