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
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
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