Goldman Sacked

10 years ago

FT.com reports that Goldman Sachs has been sacked as co-lead underwriter in Accenture's $1.87bn stock offering, apparently as the bank insisted on telling investors that the issue was not fully subscribed.

The online news site quoted an unnamed banker as saying: 'Goldman Sachs wanted to inform institutional investors who had bought shares that the offering was not entirely sold, which is standard practice, but the bank was not given the time to notify investors.'

Morgan Stanley has gained from Goldman's misfortune as it is now the sole lead underwriter on the deal.

Accenture refused to comment on Goldman's dismissal.

In a related story, Accenture disclosed in a regulatory filing last week that an employee at an unspecified underwriter sent an unauthorized e-mail to nine potential investors that contained forward-looking statements. Goldman have denied that they are the underwriter involved, although there is speculation that the unauthorized e-mail may have come from a memeber of the firm's staff and could have contributed to Accenture's decision to sack the bank.

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