Investors Sue Laventhol & Horwath: The lawsuit...
From Times staff and Wire reports
Investors Sue Laventhol & Horwath: The lawsuit alleged that the accounting firm prepared a fraudulent marketing study with unrealistically optimistic projections about room and occupancy rates at the Arizona Biltmore Hotel, said Caroline Barron, an attorney for 48 limited partners of Leper/DBL Baltimore Associates. The study also underestimated renovation and modernization costs by millions of dollars and mistakenly concluded that other area luxury resorts would not be developed, the partners’ suit said.
