Key facts
- Atos, a French IT company that historically managed critical data for the NHS, is facing a €180 million shareholder class action lawsuit.
- The lawsuit alleges professional negligence and misconduct by auditors Grant Thornton and Deloitte regarding Atos's accounts between 2018 and early 2024.
- The action is the first securities-law shareholder class action of its size in France, enabling shareholders to sue statutory auditors.
- Atos's share price dropped significantly in 2024, from approximately €519 to €26, as it struggled with €3.9 billion in debt.
- The company underwent a restructuring plan called 'Genesis', which included a 19% global workforce reduction.
Atos, a prominent French IT company that has historically managed critical data for the NHS and provided services for the French military and Olympic Games, is now at the center of a significant legal battle. The company's share price plummeted in 2024 from around €519 to €26, burdened by €3.9 billion in debt, leading to a restructuring plan that included a 19% global workforce reduction.
This downfall has triggered a €180 million shareholder class action lawsuit, a first of its kind in France for securities law. The suit, brought by a coalition of 850 retail and institutional shareholders from the US, UK, and France, targets the French entities of auditors Grant Thornton and Deloitte. Lawyers allege professional negligence and misconduct in their certification of Atos's accounts between 2018 and early 2024.
Sophie Vermeille, founder of the law firm Vermeille & Co Avocats leading the claim, stated that French law allows shareholders to sue statutory auditors, emphasizing the need for accountability in corporate governance. Grant Thornton has maintained that its audits were conducted in full compliance with professional standards. Separately, Vermeille & Co Avocats sought and was granted access to Atos's internal documents, a decision Atos is appealing.
The legal action highlights the severe consequences of Atos's financial struggles and raises questions about the oversight of corporate financial reporting.