Firm auditing MicroStrategy settles lawsuit

Article Abstract:

Pricewaterhousecoopers will pay $51 million in MicroStrategy's shareholder suit after the accounting agency certified the software company's profit in 1999 when the company then reported losses with a collapsing stock. The Securities and Exchange Commission had charged the software company and its executives with fraud and is continuining an investigation. MicroStrategy CEO Michael J. Saylor had sold $400 million in shares in March 2000, when the stock was $333. The stock was $1.75 in April, 2001. Executives Sanjeev K. Bansal and Mark Lynch also settled fraud charges.

Prepackaged software, Computer Software, Software Publishers, Computer software industry, Software industry, Software, MicroStrategy Inc., Saylor, Michael, PricewaterhouseCoopers L.L.P.

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Will Big Four Audit Firms Survive in a World of Unlimited Liability?

Article Abstract:

The solution to ensuring that the big accounting firms do not break laws for their clients is difficult; while the threat of lawsuits is a motivating factor, firms could potentially spend far too many resources fighting frivolous cases.

Government regulation (cont), Government regulation, Product quality, Public affairs, Ethics, Laws, regulations and rules, Quality management, Ethical aspects, Deloitte & Touche L.L.P., Arthur Andersen L.L.P., KPMG L.L.P. (New York, New York)

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Judge Finds Pricewaterhouse Withheld Data

Article Abstract:

Accounting firm PricewaterhouseCoopers did not provide documents or turn over evidence in an accounting fraud case involving a shareholder lawsuit against one of their clients, Texlon Corp.

Electronic computers, Police Protection, Capital funds & cash flow, Fraud, Stockholder Suits, Computer industry, Microcomputer industry, Accounting and auditing, Telxon Corp., TLXN, Records and correspondence

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