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In re Parmalat Securities Litigation

474 F. Supp. 2d 547 (2007)

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In re Parmalat Securities Litigation

United States District Court for the Southern District of New York
474 F. Supp. 2d 547 (2007)

  • Written by Robert Cane, JD

Facts

Grant Thornton was an international accounting firm comprising a number of separate legal entities that used the Grant Thornton name. Grant Thornton International (GT-International) (defendant) created the policies and procedures for its member firms. Grant Thornton LLP (GT-US) (defendant) was based in the United States and was the largest member firm of GT-International. Grant Thornton S.p.A. (GT-Italy) (defendant) was a member firm based in Italy. GT-Italy conducted an audit of Parmalat Finanziaria, S.p.A. (Parmalat) during a period in which Parmalat allegedly committed fraud. Investors who had invested in Parmalat sued GT-International, GT-Italy, and GT-US. The investors sought to recover from GT-US under a theory of vicarious liability for violations of Securities and Exchange Commission (SEC) Rule 10b-5. GT-US filed a motion to dismiss, arguing that any false statement made by GT-Italy could not be attributed to GT-US, which was purported to be GT-Italy’s principal.

Rule of Law

Issue

Holding and Reasoning (Kaplan, J.)

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