March 30, 2000 |
The top two executives of Irvine online auction company 2TheMart.com have 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. Steven Rebeil quit as chief executive but will remain as co-chairman.
June 29, 1989 |
Growth in some big U.S. cities appears to have slowed but the economies of several metropolitan areas across the country are maintaining momentum, according to a study released Wednesday. The accounting firm Grant Thornton said its index of seven economic vital signs for two dozen U.S. metropolitan areas registered a negative reading in this year's first quarter. It was only the second time in 17 quarters that the growth yardstick has pointed downward. The index showed the average growth rate of 24 cities declined in the first quarter by 0.30 point from 1988's final quarter to 108.8.
June 14, 1989 |
Delaware is the most attractive state for manufacturing, according to a survey of state officials and business groups issued today by the accounting firm Grant Thornton. Delaware replaced New Hampshire, which fell from No. 1 in the 1988 survey to No. 3 in this year's edition behind Virginia. Peter Praetz, manager of the survey, said Delaware was favored because of its skilled work force, wage levels and government policies toward manufacturing. Praetz acknowledged that states such as New Hampshire, Vermont and Mississippi--usually ranked high in the survey--have not become manufacturing giants.
December 29, 2003 |
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.
July 17, 1986 |
Major Southern California corporations will continue to hire outside lawyers to handle the bulk of their burgeoning legal problems rather than rely on in-house counsel, according to a survey released Wednesday by Grant Thornton, an accounting and management consulting firm.
January 13, 2004 |
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.
May 1, 2004 |
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.
August 1, 1986
Richard Cole was named a principal and Catherine Walsh was named a partner of Grant Thornton, Los Angeles, an accounting and management consulting firm.