PracticeAuditE-district considers action against PwC

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.

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

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