Feeds

PwC settles dotcom fraud case

Pays off shareholders

Designing a Defense for Mobile Applications

PricewaterhouseCoopers (PwC) has made an out-of-court settlement with shareholders of e-district who alleged the accountancy giant had failed to discharge its legal responsibilities.

The case had been due in court in June, and all details of the settlement are remaining secret.

E-district was the last bubble on board the dotcom bandwagon. It claimed one million users and raised almost £30m selling shares to institutions before it floated on AIM. PwC was the firm's accountant.

But it all came falling down in 2001 when the CEO was suspended over gaps between real and claimed revenues, page impressions and number of users. At the end of 2000 it claimed 2.6m active users but an investigation in early 2001 found just over 50,000 registered users.

The company blamed the ex-CEO Steven Laitman. He was accused of bringing money into the company and falsely labelling it as revenue from sales agencies.

PwC was being sued by 110 shareholders because it was the company accountant and auditor.

A statement for the accountants said the firm was happy to draw a line under the matter. More from the Independent here. ®

The smart choice: opportunity from uncertainty

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
prev story

Whitepapers

Reducing security risks from open source software
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.