Ernst & Young warning hits Tiscali shares

Shares in Tiscali fell this morning after the Italian Internet company’s
auditor, Ernst & Young, warned there were fundamental uncertainties’ about
the business, Reuters reported.

The fall in the share price comes after Ernst & Young said it said it was
unable to express an opinion on Tiscali’s 2008 accounts, citing ‘fundamental
uncertainties’ about the business.

Tiscali, Italy’s third-biggest Internet company by market share, said it
disagreed with the Ernst & Young report, Reuters said.

A market analyst told Reuters that the report meant the auditor did not have
enough information to reach an opinion on the accounts, but Tiscali said it had
provided all the information needed for an audit opinion.

The independent auditors said the company’s future depended on a successful
conclusion to debt talks with its main lenders, Tiscali said in a statement.

Further reading:

shares down after audit impasse

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