logo
Credit Fund's Collapse Leads to $1 Billion Lawsuit Against EY

Credit Fund's Collapse Leads to $1 Billion Lawsuit Against EY

Bloomberg7 hours ago
Bridging Finance Inc. 's receiver is suing Ernst & Young LLP for C$1.4 billion ($1 billion), alleging the auditor failed to detect fraud and misstatements that contributed to the Toronto private lender's collapse.
In a claim filed with Ontario's Superior Court last month, PricewaterhouseCoopers alleged that EY issued unqualified opinions on Bridging's books from 2014 to 2020 despite red flags, including inflated asset values and hidden defaults.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Lightspeed Commerce Inc. (LSPD) Increases Despite Market Slip: Here's What You Need to Know
Lightspeed Commerce Inc. (LSPD) Increases Despite Market Slip: Here's What You Need to Know

Yahoo

timean hour ago

  • Yahoo

Lightspeed Commerce Inc. (LSPD) Increases Despite Market Slip: Here's What You Need to Know

Lightspeed Commerce Inc. (LSPD) ended the recent trading session at $11.78, demonstrating a +1.2% change from the preceding day's closing price. The stock's performance was ahead of the S&P 500's daily loss of 0.07%. Meanwhile, the Dow lost 0.37%, and the Nasdaq, a tech-heavy index, added 0.03%. Heading into today, shares of the company had lost 0.26% over the past month, lagging the Computer and Technology sector's gain of 5.58% and the S&P 500's gain of 3.94%. Analysts and investors alike will be keeping a close eye on the performance of Lightspeed Commerce Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.11, reflecting a 10% increase from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $286.85 million, up 7.8% from the prior-year quarter. Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $0.51 per share and revenue of $1.19 billion, indicating changes of +13.33% and +10.44%, respectively, compared to the previous year. Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Lightspeed Commerce Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook. Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system. The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. At present, Lightspeed Commerce Inc. boasts a Zacks Rank of #3 (Hold). Looking at valuation, Lightspeed Commerce Inc. is presently trading at a Forward P/E ratio of 22.75. This valuation marks a discount compared to its industry average Forward P/E of 29.09. Also, we should mention that LSPD has a PEG ratio of 1.39. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Internet - Software industry held an average PEG ratio of 2.22. The Internet - Software industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 25% of all 250+ industries. The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1. Be sure to use to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Lightspeed Commerce Inc. (LSPD) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

1 killed in crash near Eganville
1 killed in crash near Eganville

Yahoo

timean hour ago

  • Yahoo

1 killed in crash near Eganville

One person was fatally injured in a multi-vehicle crash on Highway 41 south of Eganville on Tuesday, according to Ontario Provincial Police (OPP). Several vehicles were involved and multiple people were injured in the crash south of Spring Creek Road, according to a social media post by OPP around 12:30 p.m. Around 4 p.m., OPP announced one of the injured people had died. Highway 41 is closed between Grattan and Foymount roads, according to the ministry. The crash happened about four kilometres south of the village of Eganville, 35 kilometres south of Pembroke and 110 kilometres west of downtown Ottawa.

Urbana Corporation – Report of Voting Results Annual Shareholders' Meeting
Urbana Corporation – Report of Voting Results Annual Shareholders' Meeting

Yahoo

timean hour ago

  • Yahoo

Urbana Corporation – Report of Voting Results Annual Shareholders' Meeting

(Section 11.3 of National Instrument 51-102) /NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./ TORONTO, July 08, 2025 (GLOBE NEWSWIRE) -- Urbana Corporation (the 'Corporation') (TSX & CSE: URB, URB.A) reports the results of the votes conducted at its Annual Meeting of Shareholders held on June 11, 2025. Election of DirectorsEach of the five director nominees listed in the Corporation's management proxy circular dated May 8, 2025, was elected as a director. The voting results of the election of the five directors are set forth in the table below: Name of Nominee For Withheld Thomas S. Caldwell 5,982,736 (92.63%) 475,974 (7.37%) Beth Colle 6,414,874 (99.32%) 43,836 (0.68%) George D. Elliott 5,961,180 (92.30%) 497,530 (7.70%) Michael B. C. Gundy 5,959,251 (92.27%) 499,459 (7.73%) Charles A.V. Pennock 5,957,060 (92.23%) 501,650 (7.77%) Appointment of AuditorDeloitte LLP was reappointed as the auditor of the Corporation to hold office until the close of the next Annual Meeting of Shareholders. The voting result of this appointment is set forth in the table below: For Withheld 6,447,665 (99.83%) 11,045 (0.17%) On behalf of Urbana's Board of Directors, Thomas S. Caldwell, C.M. For further information: Elizabeth Naumovski Investor Relations (416) 595-9106 enaumovski@ 150 KING ST. W., SUITE 1702, TORONTO, ONTARIO M5H 1J9 TEL: 416-595-9106 FAX: 416-862-2498 Sign in to access your portfolio

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store