TORONTO–(BUSINESS WIRE)–Morganti Legal, a firm focused on representing shareholders with
investments in international companies, has commenced an investigation
into potential violations of securities laws by BT Group plc
(NYSE: BT, LSE: BT.A, and FSE: BTQ) in connection with the Company’s
“inappropriate” accounting in its Italian division.
On October 27, 2016, BT Group announced an internal investigation into
“certain historical accounting errors” after uncovering “inappropriate
management behavior” at its Italian business. At that time, BT Group
estimated that the eventual balance sheet write-down to correct the
Italian accounting irregularities would be £145 million (CAD $239
On January 24, 2017, BT Group issued a press release providing an update
on the Company’s internal investigation. In this press release, the
Company revealed for the first time that the expected accounting
adjustments would be nearly four times larger at £530 million (CAD $874
million). BT Group’s independent reviewer KPMG found that “the extent
and complexity of inappropriate behavior in the Italian business were
greater than previously identified.” The revelations’ impact on the
market was immediate and significant, resulting in the Company’s share
price dropping by nearly 21% that same day on the NYSE.
Canadian-based investors that purchased BT Group’s securities between
May 7, 2015 – January 23, 2017 are encouraged to
contact Morganti Legal at (647) 344-1900 or by email at firstname.lastname@example.org for
None of the allegations have been adjudicated in court at this time.
Morganti Legal is comprised of experienced securities lawyers that
investigate, litigate and resolve economic and financial disputes. You
may learn more about Morganti Legal at www.morgantilegal.com.
The Firm currently represents investors that purchased securities of
Allied Nevada Gold Corp, Amaya Inc., Barkerville Gold Mines Ltd., BP
plc, Concordia International Corp., Detour Gold Corp., Ithaca Energy
Ltd., MDC Partners Inc., Nobilis Health Corp., Silvercorp Metals Inc.,
Valeant Pharmaceuticals International, and Volkswagen A.G.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.