Heller's creditors may sue accounting firm Ernst & Young for failing to raise red flags on its audit of the firm's 2007 financials, according to a bankruptcy liquidation plan and disclosure filed on Thursday. Financial irregularities derailed at least one merger for Heller, according to sources, and are being used by creditors to build a fraudulent-transfer case against former shareholders. The plan also shows that the defunct firm has settled with its hundreds of former employees for about $19 million.
October 12, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Heller’s creditors may sue accounting firm Ernst & Young for failing to raise red flags on its audit of the firm’s 2007 financials, according to a bankruptcy liquidation plan and disclosure filed on Thursday just before a midnight deadline.
Financial irregularities derailed at least one merger for Heller, according to sources. They are also being used by creditors to build a fraudulent-transfer case against former shareholders.
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