Grant Thornton LLP Named in Refco Class Action Lawsuit Filed by Shalov Stone & Bonner LLP.NEW YORK -- Shalov Stone & Bonner LLP LLP - Lower Layer Protocol recently commenced a securities class action on behalf of purchasers of the securities of Refco, Inc. (NYSE NYSE See: New York Stock Exchange : RFX), in the period between August 10, 2005, and October 7, 2005. The complaint names as a defendant, among others, Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . ("GT"). Grant Thornton was at all relevant times Refco's principal outside accounting firm and auditor. The complaint alleges that GT certified as fair and accurate the false financial statements of Refco that were included in the company's Registration Statement and Prospectus. According to the complaint, the financial statements violated Generally Accepted Accounting Principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and GT's certifications falsely stated that it had performed its audits in conformity with Generally Accepted Auditing Standards Generally Accepted Auditing Standards, or GAAS, are ten auditing standards, developed by the AICPA, consisting of general standards, standards of field work, and standards of reporting, along with interpretations. . The complaint further alleges, among other things, that--just two months after its initial public offering--Refco announced that Bennett was being placed on a leave of absence and that the company had discovered (ostensibly through an internal review) a receivable of $430 million owed by Bennett to the company. The company also revealed that, based on the undisclosed related party transaction, its prior financial statements should not be relied upon. Plaintiffs are represented by the law firm of Shalov Stone & Bonner LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about the firm and the Refco litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , please visit Shalov Stone & Bonner LLP's new website dedicated exclusively to the Refco class action: www.refcoclassaction.com If you would like additional information, please contact Thomas G. Ciarlone, Jr., at Shalov Stone & Bonner LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: tciarlone@lawssb.com). |
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