In Australia today, lawyers representing Centro shareholders will seek leave to add claims against auditing firm PricewaterhouseCoopers to their lawsuit against Centro. Martin Hyde, a senior associate with law firm Maurice Blackburn, told Australia’s BusinessDay that “we think that [PwC] are responsible for a substantial amount of loss incurred by our claimants. Our investigations indicate their conduct fell well short of that you would expect from a large audit firm.”
Hyde stated that the proposed claims against PwC assert that it engaged in false, misleading or deceptive conduct in relation to the June 2007 accounts of Centro and Centro Retail. Another claim alleges that PwC Securities made misleading and deceptive statements in a product disclosure statement regarding a merger of Centro Retail and Centro Shopping America fund.