Andersen Group Inc., the U.S. arm of a professional services firm founded by former partners of shuttered accounting giant Arthur Andersen, filed publicly for an initial public offering.
The San Francisco-based company had net loss of $45.4 million on revenue of $384 million for the six months ended June 30, compared with net loss of $46.9 million on revenue of $341.6 million for the same period a year earlier, according to its
The company provides tax, valuation, financial advisory and consulting services to individual and commercial clients. Andersen Group employs over 2,200 people in the U.S. and is part of Andersen Global, a Swiss verein or association of legally separate firms all over the world, consisting of more than 300 member and collaborating firms, the filing shows.
The consultancy was founded by former Arthur Andersen partners following that firm's collapse, and has been expanding internationally.
Arthur Andersen was convicted in 2002 of obstructing a U.S. Justice Department investigation of Enron's accounting, which prompted hundreds of clients and partners to defect. The same year, U.S. lawmakers passed the landmark Sarbanes-Oxley Act, which tightened regulations for auditing companies. The U.S. Supreme Court overturned Arthur Andersen's conviction in 2005.
The offering is being led by Morgan Stanley and UBS Group AG. The company plans for its shares to trade on the New York Stock Exchange under the symbol ANDG.
