Ernst & Young offices in Tysons, Virginia. Photo: Diego M. Radzinschi/ALMErnst & Young Hid Client's Inflated Revenues, Investors Claim
The investors say that with Ernst & Young's "critical" support, Brooge Petroleum and Gas Investment Company FZE was able to inflate its revenue by tens of millions of dollars between 2018 and 2020.
December 19, 2024 at 04:22 PM
3 minute read
Ernst & Young is accused of helping oil storage company Brooge inflate its finances to get investors in an $180 million special purpose acquisition company deal on board with a merger, according to a lawsuit filed in Manhattan federal court.
The “Big Four” accounting firm and its Middle Eastern business and managing partner Anthony O’Sullivan were accused of violating §10(b) of the Securities Exchange Act of 1934 by a handful of investors in Twelve Seas Investment Co., the SPAC vehicle that merged with Brooge Petroleum and Gas Investment Company FZE in 2019.
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