NEW YORK, Jan. 24, 2017 /PRNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of investors in BT Group plc (NYSE: BT) resulting from BT's disclosure that after conducting an internal investigation of accounting practices, its Italian business unit will take a writedown of £530 million (equivalent to approximately $663 million at current exchange rates). BT investors can contact Fei-Lu Qian at 877.370.7703 or email@example.com for more information.
On September 29, 2016, BT revealed the suspension of its two top executives in Italy while it investigated an undisclosed matter. Then on October 27, 2016, BT disclosed it was taking a non-cash £145m charge in its BT Italian operations due to "inappropriate management behaviour." On January 24, 2017, before the market opened, BT provided an update into the investigation of its BT Italy business. Specifically, BT "revealed that the extent and complexity of inappropriate behaviour in the Italian business were far greater than previously identified and have revealed improper accounting practices and a complex set of improper sales, purchase, factoring and leasing transactions. These activities have resulted in the overstatement of earnings in our Italian business over a number of years." As a result, BT was required to increase its writedown to £530m. Additionally, BT suspended a number of BT Italy's senior management team and also appointed a new Chief Executive of BT Italy.
On these disclosures, BT's American Depositary Receipts have fallen $5.10 per ADR, or 21%, on intraday trading on January 24, 2017.
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SOURCE Wolf Popper LLP