PWC to conduct investigation into Quindell's accounting practices
Embattled insurance outsourcer Quindell announced it has hired accounting firm PWC to carry out an independent review into its accounting practices.
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The firm has seen its shares lose more than 90% in value since April and has said the review will focus on its "main accounting policies and expectations as to cash generation in 2015".
“The group's business remains robust and we believe we have sufficient resources to deliver on management's plans [...],” said group chief executive Robert Fielding.
“I believe that we have a strong business, with great people and we look forward to the future with optimism."
In April, US short seller Gotham City Research released a 74-page document in which it claimed Quindell had “magical paper profits”, while in November chairman Rob Terry and non-exec director Steve Scott stepped down.
Their decision came after the resignation of Canaccord Genuity, the company’s broker, while Fidelity cut its stake in the company by 50%.
Quindell shares were down 4.96% to 52.99p at 09:44 on Monday.