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PwC to Pay $18M in Telxon Settlement

The subsidiary of Symbol Technologies also stands to benefit if the auditor settles with class-action plaintiffs.

> > Symbol Technologies Inc. announced that its wholly owned subsidiary Telxon Corp. will receive $18 million from PricewaterhouseCoopers to settle a case against its former auditor over the alleged mishandling of its books.
Telxon sued PwC in 2001 for not conducting its audits in accordance with generally accepted accounting principles for 1996 through the first half of fiscal 1999. Telxon restated its financial results, which triggered a shareholder class-action lawsuit that it settled last year for $37 million.
Source: CFO


Published:2005-08-25
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