EY’s plans to split its auditing and consulting arms have been dragged into a $2.7 billion lawsuit brought in London by the administrators of troubled hospital operator NMC Health PLC over concerns EY would be unable to pay if it loses the case.
The company, formerly known as Ernst & Young, has been planning to separate its auditing and consulting businesses, though reports this month suggested the move is likely to be paused.
"NMC will be aware from press coverage … that the potential separation under consideration is paused," the document said. "We remain committed to the strategic rationale that underpins Project Everest and believe that a deal can and should be done."for allegedly failing to identify that NMC’s financial statements were materially misstated between 2012 to 2018, asked for a court order requiring EY to provide details of the potential split.
However, EY – which denies any breach of duty to NMC – says it has already agreed to provide relevant information about the potential split to NMC.
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