An accountant has a duty in some circumstances to correct its certified opinion on a company’s financial statement, the 2nd U.S. Circuit Court of Appeals has ruled.
Although the circuit has in past cases alluded to such a duty, it held “squarely” for the first time that such a duty exists and its violation “gives rise to primary liability under the securities laws,” in Overton v. Todman & Co., 06-2496-cv.
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