Bala Cynwyd, Pa. (Aug. 22, 2002) -- Shareholders filed a class action lawsuit this week against Aon Corp., the parent company of the administrator of the American Institute of CPAs' professional liability insurance program.The suit charges that Aon issued a series of "material misrepresentations to the market" between 1999 and 2002, which artificially inflated the company’s stock price. The complaint said the company overstated income by $27 million in 1999, by $24 million in 2000, and by $5 million in the first quarter of 2002, and lacked good internal controls.

Earlier this month, Aon acknowledged that the Securities and Exchange Commission is probing the company over possible accounting irregularities.

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