Vertical Pharma Suit Claims Deloitte Derailed Acquisition

Law360, New York (December 13, 2012, 5:43 PM EST) -- Vertical Pharmaceuticals Inc. and an affiliated company have sued Deloitte & Touche LLP in New Jersey state court for alleged accountant malpractice, claiming the firm's false accusations of fraudulent conduct scrapped a public company's plans to acquire Vertical for more than $50 million.

Deloitte was auditing the 2011 financial statements of Vertical and Trigen Laboratories Inc., which are owned by the same three partners, when it abruptly suspended that review because of supposedly troubling items that two whistleblowers brought to the firm's attention, according to the...
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