Shareholders in Tyco International Ltd have accused the firm's outside auditor, PricewaterhouseCoopers LLP of helping to defraud investors, according to a report in the Bermuda Sun.
The newspaper revealed on Friday that PwC has been added as a defendant to the multi-billion dollar lawsuit being led by pension funds which sank their clients' money into Tyco. The shareholders claim that the accounting firm: 'issued materially false and misleading opinions'.
However, responding last week, PwC spokesman, David Nestor explained that:
'We believe that the inclusion of PricewaterhouseCoopers in the consolidated shareholder class action is wholly without merit. We believe our work for the company was appropriate and complied with all professional standards.'
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