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Corporate Travel Management (CTM) is facing a potential class action lawsuit regarding allegations of financial misreporting and misleading investors. The legal action also targets the company's former auditor, PwC Australia.
Why it matters
The case highlights significant corporate governance failures and the potential for massive investor losses following an overcharging scandal.
Corporate Travel Management (CTM) class action inches closer D By Daniel Ziffer
We (rightly) talk about KPMG Australia a lot as its failings continue to be examined by a parliamentary committee, the Department of Finance and creditors.
But the other firms aren't having a great time, either.
Class action law firm Phi Finney McDonald has said that it is "well advanced in its investigation" into a class action against Corporate Travel Management (CTM) Limited and its former auditor PricewaterhouseCoopers (PwC) Australia concerning financial misreporting over several years.
If you don't recall the disaster, there's a great read at the bottom of this post. I mean, seriously, this is just the first two paragraphs.
An Australian travel giant embroiled in a $100 million overcharging scandal for refugee accommodation was invoicing a government for more rooms than a hotel actually had , the ABC can reveal.
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