E-district considers action against PwC
Shareholders in e-district.net, the interactive entertainment provider, are considering legal action against PricewaterhouseCoopers over its role as company auditor.
Shareholders in e-district.net, the interactive entertainment provider, are considering legal action against PricewaterhouseCoopers over its role as company auditor.
PwC, which resigned as auditor last month, was the online company’s auditor during its Pounds 150m flotation last year.
A spokeswoman for the company said: ‘They are considering legal action in connection with misstatements of the figures in the prospectus at flotation.’
The company said it would be prepared to cooperate with shareholders that have a claim against a third party.Law firm Edwin Coe is acting for the 140 shareholders in e-district.net that plan to bring the action.
News of the potential legal action against the firm, comes as e-district reached a settlement between Steven Laitman, its former chief executive, who was sacked earlier this year.
Laitman was fired after the company’s revenues were found to be overstated at the time when the company was floating.
A spokesman for the Big Five firm said: ‘Should any action be taken against PwC we will defend it vigorously.’Links
E-district.net sticks by auditor PwC
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article