Clariant Reveals Possible Accounting Fraud; Shares Plunge
- Chemicals maker investigates its books after internal tip
- Provisions may have been incorrectly booked to meet targets
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Clariant AG fell the most in more than two decades after saying the company is investigating allegations by internal whistleblowers that staff manipulated accounts to meet financial targets.
The Swiss chemicals maker is delaying publication of its full-year results and has hired Deloitte LLP and Gibson, Dunn & Crutcher LLP to lead an independent probe into its books, Clariant said Monday. The company said it may need to restate results for 2020 and the first half of 2021.