Grant Thornton LLP Named in Refco Class Action Lawsuit Filed by Shalov Stone & Bonner LLP
15 Octubre 2005 - 11:37AM
Business Wire
Shalov Stone & Bonner LLP recently commenced a securities class
action on behalf of purchasers of the securities of Refco, Inc.
(NYSE: RFX), in the period between August 10, 2005, and October 7,
2005. The complaint names as a defendant, among others, Grant
Thornton LLP ("GT"). Grant Thornton was at all relevant times
Refco's principal outside accounting firm and auditor. The
complaint alleges that GT certified as fair and accurate the false
financial statements of Refco that were included in the company's
Registration Statement and Prospectus. According to the complaint,
the financial statements violated Generally Accepted Accounting
Principles and GT's certifications falsely stated that it had
performed its audits in conformity with Generally Accepted Auditing
Standards. The complaint further alleges, among other things,
that--just two months after its initial public offering--Refco
announced that Bennett was being placed on a leave of absence and
that the company had discovered (ostensibly through an internal
review) a receivable of $430 million owed by Bennett to the
company. The company also revealed that, based on the undisclosed
related party transaction, its prior financial statements should
not be relied upon. Plaintiffs are represented by the law firm of
Shalov Stone & Bonner LLP, which has extensive experience in
the prosecution of class actions on behalf of investors. For more
information about the firm and the Refco litigation, please visit
Shalov Stone & Bonner LLP's new website dedicated exclusively
to the Refco class action: www.refcoclassaction.com If you would
like additional information, please contact Thomas G. Ciarlone,
Jr., at Shalov Stone & Bonner LLP, 485 Seventh Avenue, Suite
1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail:
tciarlone@lawssb.com).
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