Question: AccentPoint LLP an accounting firm was hired by General Micron
AccentPoint LLP, an accounting firm, was hired by General Micron Company to audit its financial statements for inclusion in GMC's 1933 Act registration statement, pursuant to which GMC's common shares would be sold to investors. AccentPoint's sole compensation for performing the audit and issuing an opinion was a fee of $600,000. Due to AccentPoint's careless noncompliance with GAAS, the audited financial statements and AccentPoint's opinion contained material misstatements. Accent Point, however, did not intentionally or recklessly mistate or omit any material fact. Does AccentPoint have potential liability to purchasers of the shares who bought GMC shares relying on AccentPoint's audit opinion under Section 12(a)(2) of the 1933 Act, Rule 10b-5 of the 1934 Act, and the common law of negligent misrepresentation? Does AccentPoint have potential liability to purchasers of the shares under Section 11 of the 1933 Act?
Relevant QuestionsKimon Daifotis was the lead portfolio manager of the YieldPlus Fund. In August 2007, when YieldPlus was suffering massive, unprecedented redemptions, Daifotis held two conference calls in which he allegedly falsely stated ...Small lodges in remote regions of Alaska cater to hunters and fishermen. These lodges provide food and shelter, guide services, and air transportation to and from the lodge and on side trips, all for a flat fee. Hunting and ...Relying on the Freedom of Information Act (FOIA), Public Citizen Health Research Group asked the Food and Drug Administration (FDA) for documents relating to drug applications that had been abandoned for health or safety ...National Credit Management Group (NCMG) offered credit monitoring and credit card services to consumers throughout the United States. NCMG used the 1-800-YES-CREDIT toll-free telephone number as the central marketing focus ...Orson, Inc., owned and operated the Roxy, a movie theater located in downtown Center City, Philadelphia, from January 1992 until the permanent closing of the theater in October 1994. The Roxy exhibited art films-as opposed ...
Post your question