Accounting Errors Spur Suit Against French Utility Giant

Law360, New York (January 20, 2012, 4:44 PM EST) -- French water utility multinational Veolia Environnement SA was hit with a proposed shareholder class action on Thursday in New York federal court amid accusations that it overstated financial results by using improper accounting practices.

Shareholder Beth Shikiar filed the securities suit against ex-CEO Henri Proglio, CEO Antoine Frerot, Chief Financial Officer Pierre-Francois Riolacci, ex-Executive Vice President Thomas Piquemal, ex-CFO Jerome Contamine, and the company, claiming they “made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations and...
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