Client's challenge
This client found itself in a massive financial reporting scandal in which top-level executives had been manipulating the books in order to obtain sizable performance bonuses. The company was under investigation by the SEC and DOJ.
PricewaterhouseCoopers Advisory solution
We advised the company regarding the restatement of its earnings for the previous three years and helped determine which employees were complicit in the executives’ financial manipulations.
Impact on client's business
The client avoided having its stock de-listed, and successfully renegotiated bank debt that was at risk of being called during the height of the investigation. The company has improved relationships with regulatory and law enforcement agencies and resumed normal operations.
