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White v. BDO Seidman LLP

Plaintiffs' failure to assert actual reliance on defendants' alleged negligence in auditing certain financial statements precluded plaintiffs' recovery for their financial losses.

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These appeals arise from a superior court order granting summary judgment to an accounting firm in consolidated civil actions. In Case Nos. A01A0316 and A01A0317, the named individual plaintiffs and the certified class they represent “appellants” sued accounting firm BDO Seidman, a partnership, and BDO Seidman, LLP, the successor in interest to BDO Seidman, and BDO Seidman partner and accountant Ernie Davis collectively “BDO”. Appellants sought damages for their financial losses in the publicly offered securities of G & W Financial Corporation “GWFC” and it’s parent, G & W Asset Management Corporation “GWAM”, companies that BDO audited. The appellants claim BDO caused their losses by negligently performing certain audits of the companies’ financial statements and by negligently certifying financial statements which contained inaccuracies regarding the companies’ financial soundness. In Case Nos. A01A0453 and A01A0454, BDO cross-appeals, contending the trial court erred in certifying the cases as class actions pursuant to OCGA § 9-11-23 a. We consolidate these cases for the purpose of appeal and, for the following reasons, we affirm.

A01A0316 and A01A0317

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