Livent warns of hefty writedown

Article Abstract:

Livent Inc. alerted observers to a huge writedown it will take in the second quarter of 1998 and to a probable restatement of its audited financial statements beyond previously announced nine quarters. The firm's new management also expects required adjustments for 1996, 1997 and the first quarter of 198 to be material. The development is a result of a continuing probe of the accounting irregularities detected sometime in August 1998. Meanwhile, the live-theatre production firm does not anticipate adverse effects on its current cash flow or operations due to the irregularities.

Comment:

Forewarns a huge writedown for the second quarter of 1998 and a probable restatement of earlier audited financial reports

Canada, Sales, profits & dividends, Motion Picture & TV Production NEC, Other Motion Picture and Video Industries, Movie production, Television production, Livent Inc.

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KPMG wins right to appeal judgement in Livent case

Article Abstract:

KPMG, an accounting services firm, received permission from the Ontario Divisional Court's Mr. Justice Alvin Rosenberg to appeal a ruling that prevented it from releasing data from a forensic audit into Livent Inc. The information, whose release will negatively affect Livent co-founder Garth Drabinsky, will show that Livent suffered from strange accounting practices. Drabinsky and his partner Myron Gottlieb were suspended by the new owners of the troubled Livent after these parties scrutinized the incomprehensible books of the firm starting August 1998.

Comment:

Receives permission from the Ontario Divisional Court's Mr. Justice Alvin Rosenberg to appeal a ruling

Legal issues & crime, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Ontario, KPMG

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