What a shame for auditors and a lesson for investors! And the fine for Mr Smith is so low - he probably have made more as a partner on this case.
John O'Donoghue 12 Jun 2018, 12:09
$QPP According to the accounting regulator, the misconduct related to two audit areas, and “included failure to obtain reasonable assurance that the financial statements as a whole were free from material misstatement, failure to obtain sufficient appropriate audit evidence and failure to exercise sufficient professional scepticism”.
John O'Donoghue 12 Jun 2018, 12:09
$QPP KPMG has been fined £4.5m by the accounting regulator over its audit of Quindell, the insurance outsourcer that became embroiled in scandal in 2015 after short-sellers raised questions about its value.
The Financial Reporting Council (FRC) said KPMG and its audit engagement partner William Smith had admitted to misconduct in relation to the auditing of Quindell’s financial statements in the year to December 2013.
Barry Gardiner 11 Nov 2015, 10:14
$QPP renaming means Quindell doesn't want to solve the problems, they want to hide from them under a new name! #sell
George Walker 10 Nov 2015, 20:24
$QPP After 18 months of horror, insurance claims processor Quindell is after a new start: the company today said it was seeking shareholder approval to change its name to the decidedly austere-sounding Watchstone Group. www.cityam.com/228278/qui...l-return#sell
Scott Dyas 11 Apr 2015, 23:16
$QPP Given from one side historical accounts and from the over concerns over their validity at the current discount of ~50% to the end of 2013 stock price the stock is fairly priced #neutral
At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 01/04/2015 9:40am, pending an announcement and publication of an document.
ORDINARY SHARES OF 15P EACH, FULLY PAID (BMTS9H8) (GB00BMTS9H89)
And this is not April 1st joke... to late to #sell :)
Colin Williams 01 Apr 2015, 00:16
$QPP with market cap at ~ £550 million this offers ~20% upside #bullish
Robert Sheridan 31 Mar 2015, 19:54
$QPP Slater & Gordon has entered into an agreement to acquire Quindell plc’s professional services division (PSD) in return for upfront consideration of £637m, with an estimated £40m to follow from a 50% earn-out from existing noise-induced hearing loss (NIHL) cases. www.legalfutures.co.uk/la...division
Matthew Cameron 27 Mar 2015, 18:48
$QPP closed at 132.51 today - what a move up... and a good time to #sell!
Colin Williams 19 Mar 2015, 22:12
$QPP to add to @Flor-Crowley: Balance Sheet tells the following story:
1) out of 881m of assets only 200 looks existing (cash). The rest are intangible, goodwill, investments and receivables. If Gotham is right so the business was much smaller and EBITDA margin much less these assets worth nothing
2) Liabilities are 214
3) Market value of Equity is 200-214=-14
The hole is not big, but the company costs nothing
Flor Crowley 19 Mar 2015, 19:23
$QPP 2013 cash flow statements says that Gotham was right - the firm is not making money.
1) -£8.9m Operating Cash flow in 2013.
2) OCF before movements in working capital and provisions was £135m, then £138m were going to Increase in trade and other receivables. So all the profit was left at customers - such big numbers make everybody suspicions that this money were not intended to be paid
3) Quindell issued £200m worth of shares to finance this black hole
$QPP Richard Rose, the chairman of internet retail group AO World, and Jim Sutcliffe, the former chief executive of insurance group Old Mutual, will be appointed chairman and deputy chairman respectively.
$QPP in their report Gotham claims that CEO Terry’s personal investment into Quiindell was £11 mm, so he just got 10 back and have 2.99% out of 8% shares left - he is on track to make profit even at current stock price!
Ray McNamara 18 Dec 2014, 21:14
$QPP Quindell founder Rob Terry apologises after controversial share deal
$QPP Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that Canaccord Genuity Limited submitted its one month notice of resignation as the Company's financial adviser and joint broker on 21 October 2014 but that the Company has agreed that the resignation is effective today.
$QPP Small investors who have lost money investing in Quindell are banding together to sue the company.
A shareholder class action case is being prepared against the firm and ex-directors, including founder and former chairman Rob Terry.
Lawyers will argue that Quindell’s public statements were misleading, leading directly to a loss of shareholder value.
$QPP Crisis-ridden Quindell saw another £56m wiped off its value yesterday, after its founder, Rob Terry, cashed in almost £10m worth of shares.
Mr Terry, who was ousted from the company’s board last month, has reduced his holding from 8 per cent to 2.99 per cent just days after Quindell announced it had called in PwC to look over its books, following a torrid year.
The fundamental dynamics of the business are clearly demonstrated with the business consistently collecting the revenue it has earned and recognised
Colin Williams 03 Dec 2014, 12:13
$QPP Quindell response is very long, unclear and sometimes doesn't address the point. It's understandable that it's written by lawyers but it's also obvious that the company doesn't have responses for Gotham's statements and tries to sink them in many words and numbers.
For example, on the important statement that OCF was negative (-£8.9m) Quindell says that before interest and tax it's positive (£3.2m)! These guys are a joke...
Cursty Jenner 02 Dec 2014, 14:54
$QPP Quindell sued Gotham and won automatically as Gotham haven't bothered to come to the court.
Quindell Plc provides software, consulting, and technology enabled business process outsourcing services primarily in the United Kingdom. The company operates in two segments, Solutions and Services. The Solutions segment offers software, business and technology consulting services, administration and management services, white labeled solutions, e-commerce, membership services, SaaS solutions, and other services. The Services segment provides technology enabled sales and service related outsourcing services. It serves customers operating in the insurance, finance, health, and legal; telecoms, utilities, retail, and e-commerce; and government and public sectors. The company was formerly known as Quindell Portfolio Plc and changed its name to Quindell Plc in December 2013. Quindell Plc was founded in 2000 and is headquartered in Fareham, the United Kingdom.