PDL BioPharma Offers Statement on Resignation of Ernst, Young as Auditor

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PDL BioPharma, Inc. (PDL)
PDLI
was orally notified by its independent registered accounting firm, Ernst & Young LLP ("EY") that it was resigning effective September 11, 2014. The resignation was confirmed in a letter delivered to the Company on September 15, 2014 and reported in PDL's Form 8-K filed on September 16, 2014.  PDL has issued the following statement in response to the announcement: "We have received a number of inquiries on the reason for the resignation of EY.  We were surprised by the resignation as we did not have any disagreements with EY on accounting practices, scope or procedures nor did we have any reportable events that would have caused EY to resign their position as our auditors," stated Peter Garcia, vice president and chief financial officer of PDL. "We thank EY for their years of service to the company and have already begun the process of appointing new auditors, which we expect to announce in the coming weeks.   We currently expect to continue our financial reporting in a timely manner."
Posted In: NewsPress Releases
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