Boston, MA 09/18/2014 (wallstreetpr) – According to reports, PDL BioPharma Inc (NASDAQ:PDLI) has been notified by its corporate auditor firm Ernst and Young recently that it had decided to resign from all of its services and responsibilities effective September 11, 2014.
Insights of the resignation notification:
E&Y had resigned from all the responsibilities effective from Sep. 11 and it sent a letter to PDLI in order to inform the firm about its decision. It was received by PDL BioPharma Inc (NASDAQ:PDLI) on September 15, 2014 and was reported by the company in its 8-K form filed couple of days back. The company made the following statement in order to respond E&Y’s decision-
PDL BioPharma Inc (NASDAQ:PDLI) has received a lot of queries asking about the main reason that prompted E&Y to resign from its role. The company further stated that it did not expect E&Y to resign from its position as there was hardly any disagreement between both the parties on any financial and accounting issue. No such action was taken that could affect E&Y’s way of working as the auditor of PDLI; therefore, the resignation stunned the entire senior management. According to Peter Garcia, CFO and VP of PDL BioPharma Inc (NASDAQ:PDLI), the entire management was stunned to know that E&Y would not be working with the company in the future. He further continued that PDLI was extremely thankful to E&Y for serving all these years and providing excellent auditing services. The firm has already started finding new auditors with full enthusiasm. The management of PDLI expects to name the new auditors in coming week without any further delay.
After the resignation of E&Y, the company has made clear that no work will be stopped due to this fact. One team will be looking after the recruitment of the new auditor while other senior management employees will make sure that company’s operations don’t stop even for a single day.
