BT losing a pizza the action after Italian accounting scandal
 

The BT Group is facing two shareholder lawsuits in the United States, after a fifth of the telecommunications company’s market value was wiped out in a single day amid a growing accounting scandal in Italy.

The lawsuits accusing the British company and three top executives of securities fraud were filed in the US District Courts in Manhattan and in nearby Newark, New Jersey.

Both lawsuits were brought by individuals seeking class-action status, and named Chief Executive Gavin Patterson, his predecessor Ian Livingston, and Finance Director Tony Chanmugam as defendants.

A spokeswoman for BT declined to comment on behalf of the defendants. BT had launched an internal probe into its Italian business after a whistleblower flagged concerns.

http://www.techeye.net/business/bt-l...unting-scandal