KPMG faces Elan questions in US
KPMG is facing serious allegations over its work at drugs company Elan, including accusations of issuing false and misleading statements.
KPMG is facing serious allegations over its work at drugs company Elan, including accusations of issuing false and misleading statements.
The firm, together with executives of the Irish-based drugs company, is on the receiving end of a class action filed in the US alleging the company’s profits had been artificially inflated.
The writs from angry shareholders allege the use of deceptive accounting practices – earlier the Wall Street Journal had reported that two ‘qualified special purpose entities’, similar to those at the centre of the Enron scandal, had not been consolidated in the company’s accounts, hiding debts of $1bn.
Elan, which until last week had been Ireland’s most valuable company, recently issued a profits warning, saying earning could be 30% below analysts’ forecasts.
Details of the writ are available on the website of the law firm of Wolf, Haldenstein Adler Freeman & Herz LLP.
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 articleThree years after accountancy group DJH Mitten Clarke launched, they have announced that they have rebranded to DJH. The DJH Mitten Clarke name reflec...
View articleStatic budgets outdated. Embrace agile budgeting for a smooth year-end close and adapt to changing markets. Read More...
View articleSaffery Champness's strategic rebrand to "Saffery" reflects a bold step towards aligning its historic values with a modern, innovative ethos, fosterin...
View articleSumer’s CEO Warren Mead believes accountants have a responsibility to champion smaller and medium-sized businesses and that successful entrepreneurs a...
View articleMid-market firms experience largest percentage increase in fee income in 2023, as consultancy services start to become leading income streams for the ...
View articleBaker Tilly International has today announced record global revenues of US$5.2bn for the financial year ended 31 December 2023, up 11% on the previous...
View articleWhilst Small and Medium Enterprises (SMEs) account for around half of the turnover in the UK private sector[1], our own AAT research shows that over a...
View articleGrant Thornton UK as confirmed the appointment of Malcolm Gomersall as its new Chief Executive Officer. Gomersall, who has been with the firm for over...
View article