A jury in Cobb County, Ga., has levied a $10 million judgment against PricewaterhouseCoopers, finding that the firm was guilty of negligent misrepresentation during the 1996 merger of nursing-home companies Convalescent Services and Mariner Health Group.

According to the Atlanta Journal-Constitution, the lawsuit was filed in 2002 by Stiles A. Kellett Jr. and his brother Samuel B. Kellett, who ran Marietta, Ga.-based Convalescent. When the brothers sold their facilities to Boston-based Mariner in the mid-1990s, they were compensated primarily in Mariner stock.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access