This is even more worrying than €700 million of debt - Ernst & Young sees 'fundamental uncertainties' in accounts
MILAN, April 15 (Reuters) - Shares in Italian internet company Tiscali (TIS.MI) fell more than 5 percent on Wednesday after an independent auditor's report left question marks over the company's 2008 accounts.
Auditors Ernst & Young said it said it was unable to express an opinion on the accounts, citing "fundamental uncertainties" about the business, Tiscali said in a statement.
Tiscali, Italy's third-biggest Internet company by market share, said it disagreed with the Ernst & Young report.
A market analyst said the report meant the auditor did not have enough information to reach an opinion on the accounts but Tiscali said it had provided all the information needed for an audit opinion.
The independent auditors said the company's future depended on a successful conclusion to debt talks with its main lenders, Tiscali said in a statement.
Tiscali's statutory auditors concluded the company could continue as a going concern, it said.
MILAN, April 15 (Reuters) - Shares in Italian internet company Tiscali (TIS.MI) fell more than 5 percent on Wednesday after an independent auditor's report left question marks over the company's 2008 accounts.
Auditors Ernst & Young said it said it was unable to express an opinion on the accounts, citing "fundamental uncertainties" about the business, Tiscali said in a statement.
Tiscali, Italy's third-biggest Internet company by market share, said it disagreed with the Ernst & Young report.
A market analyst said the report meant the auditor did not have enough information to reach an opinion on the accounts but Tiscali said it had provided all the information needed for an audit opinion.
The independent auditors said the company's future depended on a successful conclusion to debt talks with its main lenders, Tiscali said in a statement.
Tiscali's statutory auditors concluded the company could continue as a going concern, it said.