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Complex litigation

Civil liability action against Atos' statutory auditors - Accounting misstatements and professional breaches in the context of litigation funded by a third-party funder

The first auditor-liability action in France funded by a litigation fund: we represent Atos shareholders seeking to hold the statutory auditors liable for certifying financial statements considered materially misstated.

Background

We represent several shareholders of Atos in a tort-based civil liability action currently underway against the company's statutory auditors. The claim seeks to hold the auditors liable for serious breaches of professional duty, in particular for having certified financial statements that we consider materially misstated and non-compliant with applicable accounting and auditing standards.

This is the first auditor liability action in France to be financed by a litigation fund. This form of funding, still relatively uncommon in the French legal landscape, enables the deployment of significant resources in a highly technical and adversarial dispute. It ensures that harmed investors are not denied effective access to justice due to the asymmetry of means typically observed in such cases.

Experience

We are leading every aspect of this litigation, both legal and forensic. Our involvement covers case design and legal strategy from the outset, in-depth review of Atos' financial statements over several reporting periods, selection and coordination of forensic accounting and audit experts, and overall management of the preparatory phase.

Our analysis identified several material accounting anomalies, including issues related to revenue recognition, goodwill impairment testing, trade receivables, R&D capitalization, and the absence of any going concern warning. These findings point to repeated failures to comply with professional auditing standards and reinforce the legal basis for the claim.

The action is grounded in tort law, allowing shareholders to bypass contractual limitations tied to the auditors' engagement and to seek direct compensation for the harm suffered. Our legal strategy relies on a strict application of French statutory and case law governing auditor liability, in line with the auditors' obligations of independence, diligence, and disclosure.

This case exemplifies our expertise in complex financial litigation involving corporate misstatements, audit failures, and investor losses. It reflects our ability to combine legal precision, financial and accounting insight, and strategic litigation management to defend investor interests in matters with potentially systemic significance.

Sophie Vermeille was interviewed twice by Les Échos in connection with videos dedicated to the case, to provide the perspective of minority shareholders. Her contributions shed light on the governance and financial transparency issues faced by investors in cases such as Atos. Both videos were published in French only.