Wurst & Wurst Is the Accounting Firm That Has Been

question 17

Essay

Wurst & Wurst is the accounting firm that has been used by the Intercontinental Bank for over twenty years. Tim approached Alfred, a Wurst partner, at a cocktail party. Tim asked about the bank's stability. Although Alfred knew that the bank's stock was overvalued because of some questionable loans, he felt a considerable amount of loyalty to the bank for being a good customer of his accounting firm. Alfred told Tim that Wurst had just finished an audit of the bank, and that the bank was as sound as the Rock of Gibraltar. The next day Tim bought 1,000 shares of Intercontinental. One month later, the bank's losses became the subject of a major financial scandal. Tim is angry and wants to sue. Does he have a case?

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