Winstar Investors Get Cert. In $1B Grant Thorton Fraud Suit

Law360, New York (April 18, 2013, 6:40 PM EDT) -- A New York federal judge on Thursday granted class certification to investors who claim accounting firm Grant Thornton LLP helped conceal a $1 billion revenue hole at now-bankrupt Internet company Winstar Communications Inc.

U.S. District Judge George B. Daniels said investors who bought Winstar stock from March 2000 to April 2001 could proceed as a class with their claims against Grant Thornton, Winstar’s onetime accounting firm. Investors who bought Winstar’s bonds from October 2000 to April 2001 are also part of the suit, the judge said....
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