Cattles stock plunged 14% on Tuesday after the UK specialist lender said it had suspended another three executives as part of a widening investigation into bad debt provisions. The group also said it was in breach of banking covenants and now expected to have made a “significant” loss in 2008. Cattles said it would also be forced to restate financial results for 2007 based on preliminary findings of an external audit by accountants Deloitte and law firm Freshfields Bruckhaus Deringer.

This entry was posted by Gwen Robinson on Wednesday, March 11th, 2009 at 4:46 and is filed under Capital markets, People. Tagged with cattles. Edit this entry.