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BUSINESS
August 19, 2004 | From Associated Press
Italian dairy company Parmalat sued Grant Thornton International and Deloitte Touche Tohmatsu for $10 billion, saying the auditors overlooked fraud and looting that nearly led to the company's downfall. The lawsuit, filed in Chicago by the insolvent conglomerate's new management, alleges that the company has lost more than $10 billion because of Grant Thornton's and Deloitte's audits and other actions.
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BUSINESS
April 4, 2007 | E. Scott Reckard, Times Staff Writer
First they were cut off by their Wall Street investment partners. Now, their auditors are giving them the heave-ho. In what amounts to a vote of no-confidence, the Grant Thornton accounting firm has resigned as outside auditor to two major sub-prime lenders -- Fremont General Corp. of Santa Monica and Accredited Home Lenders Holding Co. of San Diego.
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BUSINESS
January 21, 2004 | From Reuters
The U.S. Securities and Exchange Commission said Tuesday that it had brought an enforcement action against accounting firm Grant Thornton in connection with a 1998 audit of MCA Financial Corp., a bankrupt Michigan mortgage banking company. The SEC accused Grant Thornton, which jointly audited MCA's 1998 financial statements with another firm, of aiding and abetting in "MCA's violations of the antifraud and reporting provisions of the federal securities laws."
BUSINESS
August 19, 2004 | From Associated Press
Italian dairy company Parmalat sued Grant Thornton International and Deloitte Touche Tohmatsu for $10 billion, saying the auditors overlooked fraud and looting that nearly led to the company's downfall. The lawsuit, filed in Chicago by the insolvent conglomerate's new management, alleges that the company has lost more than $10 billion because of Grant Thornton's and Deloitte's audits and other actions.
BUSINESS
January 2, 2004 | From Associated Press
The head of the Italian unit of auditing firm Grant Thornton International resigned and his partner was suspended after they were detained in the Parmalat scandal on suspicion they helped commit fraud in the dairy giant's books. Separately, the judge who issued the arrest warrants for auditors Lorenzo Penca and Maurizio Bianchi and five Parmalat executives and lawyers said the men should remain jailed because there was a risk they might flee, tamper with evidence or commit other crimes if freed.
BUSINESS
April 4, 2007 | E. Scott Reckard, Times Staff Writer
First they were cut off by their Wall Street investment partners. Now, their auditors are giving them the heave-ho. In what amounts to a vote of no-confidence, the Grant Thornton accounting firm has resigned as outside auditor to two major sub-prime lenders -- Fremont General Corp. of Santa Monica and Accredited Home Lenders Holding Co. of San Diego.
BUSINESS
January 7, 2004 | From Bloomberg News
Mortgage lender Countrywide Financial Corp. on Tuesday fired Grant Thornton as its independent auditor after 30 years and chose KPMG, one of the top four global accounting firms. The decision by Countrywide, one of Grant's biggest audit clients, came after a nine-month review process and was based on the company's need for a larger auditing firm, said Michael Dougherty, chairman of Countrywide's Audit and Ethics Committee. The loss of a major U.S.
BUSINESS
December 27, 2003 | From Reuters
The Italian unit of Grant Thornton said it had acted scrupulously in its audits of Parmalat and insisted it was a victim of fraud in its accounting work for the huge food group. The accounting firm said it had not masked the financial situation of Parmalat, which this week filed for bankruptcy protection after revealing it was missing billions of euros listed in its accounts.
BUSINESS
July 13, 1986 | BRUCE FISHER, Bruce Fisher is the research director at Citizens for Tax Justice, a research and lobbying group based in Washington.
When a respected accounting firm such as Chicago's Grant Thornton talks about "business climate," people listen. Grant Thornton recently published its seventh annual survey of "general manufacturing climates." It ranks the 48 contiguous states according to their supposed hospitality to business. This year, California ranked 26th, despite a 13.5% increase in new jobs since 1980. (Overall, the United States has 8.1% more jobs now than in 1980.
BUSINESS
May 1, 2004 | From Bloomberg News
Shares of Global Crossing Ltd., the fiber-optic network operator that exited bankruptcy protection in December, fell 29% on Friday after Grant Thornton withdrew its audits for the last three years. Global Crossing shares tumbled $2.85 to $7.15 on Nasdaq. The stock has fallen 77% this year. Without audited financial results, the shares are likely to be delisted from Nasdaq, said Igor Volshteyn, an analyst at Tejas Securities.
BUSINESS
January 21, 2004 | From Reuters
The U.S. Securities and Exchange Commission said Tuesday that it had brought an enforcement action against accounting firm Grant Thornton in connection with a 1998 audit of MCA Financial Corp., a bankrupt Michigan mortgage banking company. The SEC accused Grant Thornton, which jointly audited MCA's 1998 financial statements with another firm, of aiding and abetting in "MCA's violations of the antifraud and reporting provisions of the federal securities laws."
BUSINESS
January 13, 2004 | From Associated Press
Adecco, the world's largest employment agency, said it couldn't close its books for 2003 because of possible accounting problems, causing its stock to plummet Monday. The Swiss company could not predict when its 2003 results would be available. That sent frightened investors rushing to sell. Analysts lowered their recommendations amid fears of an accounting scandal like the one that has enveloped Italian food group Parmalat. Shares of Adecco closed down 35% on the Zurich, Switzerland, exchange.
BUSINESS
January 9, 2004 | From Reuters
Italian prosecutors widened a fraud investigation into dairy group Parmalat on Thursday to two Deloitte auditors and a former Bank of America Corp. executive. As investigations into suspected crimes spread, Parmalat fired its second set of auditors in 24 hours and accountants Grant Thornton International expelled its Italian unit.
BUSINESS
January 7, 2004 | From Bloomberg News
Mortgage lender Countrywide Financial Corp. on Tuesday fired Grant Thornton as its independent auditor after 30 years and chose KPMG, one of the top four global accounting firms. The decision by Countrywide, one of Grant's biggest audit clients, came after a nine-month review process and was based on the company's need for a larger auditing firm, said Michael Dougherty, chairman of Countrywide's Audit and Ethics Committee. The loss of a major U.S.
BUSINESS
January 3, 2004 | From Associated Press
Investigating judges questioned two of Parmalat's jailed former finance directors, an outside auditor and an outside lawyer Friday as the corruption probe intensified into the dairy company's missing billions. Investigators are trying to trace the roots of Parmalat's spectacular fall -- a case that has been called "Europe's Enron" because both firms allegedly used related companies to hide losses.
BUSINESS
March 30, 2000 | From Bloomberg News
The top two executives at 2TheMart.com quit after its outside auditor resigned, citing a loss of confidence in management and a lack of adequate internal controls and management oversight. Dominic Magliarditi stepped down as president, chief operating officer and chief financial officer, and Steven Rebeil quit as chief executive but will remain as co-chairman of the Internet auction site. Separately, 2TheMart said it agreed to buy GoToWorld.com Inc.
BUSINESS
November 24, 1995 | From Associated Press
U.S. mid-size manufacturers are hopeful about where the economy is headed and believe their profits will rise in 1996, according to a survey released Thursday by the accounting firm Grant Thornton. Sixty-seven percent of the 250 manufacturing executives questioned recently in the fifth annual Grant Thornton Survey of American Manufacturers described their outlook for the U.S. economy as optimistic. Twenty-four percent were uncertain and 9% were pessimistic.
BUSINESS
January 2, 2004 | From Associated Press
The head of the Italian unit of auditing firm Grant Thornton International resigned and his partner was suspended after they were detained in the Parmalat scandal on suspicion they helped commit fraud in the dairy giant's books. Separately, the judge who issued the arrest warrants for auditors Lorenzo Penca and Maurizio Bianchi and five Parmalat executives and lawyers said the men should remain jailed because there was a risk they might flee, tamper with evidence or commit other crimes if freed.
BUSINESS
December 29, 2003 | From Times Wire Services
The founder of Parmalat was formally arrested Sunday in a criminal investigation into a growing financial scandal at the insolvent Italian food company, but his lawyer said no money had been stolen. Michele Ributti, an attorney representing founder Calisto Tanzi, denied allegations that as much as $12 billion is missing. Tanzi is suspected of fraud and misappropriating company funds, although he has not yet been charged. Late Sunday, judicial sources said a Milan judge formally placed Tanzi under arrest on suspicion of market rigging and false auditing -- a more serious step under Italian law that enables police to keep him in custody.
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