WPP: independent counsel named to probe Sorrell allegations

(CercleFinance.com) - British ad giant WPP on Wednesday said its board had appointed an independent counsel to conduct an investigation into allegations of improper conduct by founder and CEO Sir Martin Sorrell.


WPP's board - which said the investigation is ongoing - pointed out that the allegations do not involve "material" amounts for the company.

The Wall Street Journal reported on Tuesday that WPP is looking at CEO Martin Sorrell's possible misuse of company assets and allegations of improper personal behaviour.

The Boston-based law firm Block & Leviton, a securities litigation firm that represents investors, also said it was investigating whether WPP and its executives violated federal securities laws after the story broke out.

The WPP share was down 2.8% in early morning trading on Wednesday.

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