Lawsuit Filed Against FNN: Lawyers for shareholders...
From Times Staff and Wire Reports
Lawsuit Filed Against FNN: Lawyers for shareholders suing Financial News Network Inc. and its sister company Infotechnology Inc. filed an amended complaint in Los Angeles Federal District Court charging both companies’ financial statements contained “pervasive falsification of accounts and transactions” during 1989 and 1990. Previously, former auditors Deloitte & Touche said they could not complete their audit for fiscal 1980 and withdrew their opinion for 1989’s financial statements. In recent weeks three class action lawsuits have been filed against FNN and Infotech in Los Angeles Federal Court and two more have been filed in California State Superior Court.
