Johnson & Bell Shareholder, Joseph R. Marconi, settled an accounting malpractice case for $1.5 million against a Big Five accounting firm on behalf of six of its business clients. The clients collectively invested in a software company based on financial statements that were audited and reviewed by the accounting firm. The financial statements contained material misstatements, requiring the software company to restate previously issued financial statements. The restatement set off a chain of events that eventually caused the software company to close its doors due to an inability to obtain financing, resulting in the loss of the clients’ entire investment.
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