PwC 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

CogitalGroup announces acquisition of Wilkins Kennedy

Accounting Firms CogitalGroup announces acquisition of Wilkins Kennedy

1w Emma Smith, Managing Editor
Blick Rothenberg acquires Westleton Drake

Accounting Firms Blick Rothenberg acquires Westleton Drake

2w Emma Smith, Managing Editor
IR35 in 2018: what do accountants need to know?

Accounting Firms IR35 in 2018: what do accountants need to know?

2w SJD Accountancy | Sponsored
Top 50+50 UK Accountancy Firms 2018 – entries now open!

Accounting Firms Top 50+50 UK Accountancy Firms 2018 – entries now open!

3w Emma Smith, Managing Editor
It’s not just the potential of women at stake, it’s the potential of accountancy

Accounting Firms It’s not just the potential of women at stake, it’s the potential of accountancy

1m Jean Stephens, RSM International
PwC to net £50m from Carillion insolvency

Accounting Firms PwC to net £50m from Carillion insolvency

1m Alia Shoaib, Reporter
Mercer & Hole makes two new appointments

Accounting Firms Mercer & Hole makes two new appointments

2m Emma Smith, Managing Editor
Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

2m Karen Baxter, Lewis Silkin