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Torts Keyed to Underwood
Bily v. Arthur Young & Co.
Citation:
834 P.2d 745 (Cal. 1992)Facts
In 1982, Osborne Computer Corporation was a rising business. To assist with its initial public offering, the company hired the defendant to prepare audit reports for the recent two years. The defendant issued an unqualified opinion in 1983. During this time, in order to obtain financing, the company issued warrants to investors in exchange for direct loans. Multiple individuals invested in the company, relying on the defendant’s unqualified opinion. Later on, Osborne’s performance began to deteriorate and the company had to file for bankruptcy. As a result, the plaintiffs, a group of investors in Osborne, lost all of the money that they put in to the company. An expert hired by the plaintiffs found more than forty deficiencies in the defendant’s performance. It was also discovered that the defendant was aware of material weaknesses in the company’s controls, yet failed to disclose them as a qualification to its audit report or report to management.
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