Initially, on October 27, 2016, BT disclosed it was taking a non-cash £145m charge in its BT Italian operations due to "inappropriate management behaviour."
Then, during premarket hours on January 24, 2017, BT revealed the full extension of its Italian division's accounting malpractice by announcing that it would increase its writedown to £530m. The Company announced that it would be lowering guidelines for fiscal year 2017 and 2018. Additionally, BT appointed a new Chief Executive of BT Italy. After the announcement, the Company's American Depositary Receipts ("ADRs") declined severely, causing damage to investors.
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If you invested in BT ADRs or and would like to discuss your legal rights, visit www.faruqilaw.com/BT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding BT's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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