Deloitte Sued in Ahold Matter
Ahold announced last week that financial statements for 2000 and 2001 contained accounting irregularities that may amount to as much as $500 million. The irregularities, which were discovered in the company's U.S. division, stem from local managers booking higher promotional allowances, provided by suppliers to promote their goods, than they actually received in payment.
The Wolf Haldenstein lawsuit is one of as many as a dozen legal cases already pending on behalf of Ahold investors. The lawyers are seeking class-action  status for the case.
Dutch evening newspaper NRC Handelsblad characterized Ahold last week as now ranking "on the list featuring companies such as Enron, Arthur Andersen and Worldcom."