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I'm with you Steve, the question is when the hell to buy.
I sold before the drops, bought last week at 321 and sold at 321 (realised I'd got in too early), bought today at 268, sold at 280 (realised it wasn't going to go above 285). Considered getting back in at below 260, but didn't and put a punt limit order in at 200 in the last 10 mins in case there was a huge sell off (obviously didn't get filled).
Based on the news there's a very good chance the SP opens down again and anything below 250 feels like bargain territory (though I thought that at below 330 last week!), but only if it bounces back quickly same day.
Looking back at July the SP dropped from over 400 to 197.85 in just 4 days and took a further 5 days with a range between 200 and 300 before a consistent rise began. I suspect some of the selling is some trying to avoid them being the ones holding Boohoo at 200 at a huge loss.
And these 4 firms are above question !!!
Its f****** laughable
You dont have to dig deep to find a whole ton of **** on the big four.
Andrew Wade, an analyst at Jefferies, said: "It seems unclear to us which came first, the launch of a competitive tender process by [Boohoo] or the indication by PwC of its intention to resign.
"Regardless, we see no suggestion of any financial impropriety and would be inclined to view this as short-term noise in the context of the investment case."
Four of Britain's biggest auditors have ruled out working for scandal-hit fast fashion firm Boohoo, leaving it with an uphill battle to find a replacement after PwC resigned. Deloitte, KPMG, BDO and Grant Thornton have all decided not to bid for a contract to oversee Boohoo's books, sources said. EY is the only top six firm still in the running.
Shares in Boohoo closed almost a fifth lower at 254p after it announced a tender process to replace PwC, which is resigning amid reputational concerns.
An investigation commissioned by Boohoo found last month that bosses at the company knew workers were being mistreated in its Leicester supply chain months before a "sweatshop" scandal exploded in the media.
The investigation found no evidence Boohoo had committed any crimes, but said the company failed to take action fast enough and warned that its supply chain is likely riddled with bad behaviour.
Auditors are concerned by the reputational risks of being associated with Boohoo as well as its governance and supply chains.
PwC’s Big Four rivals Deloitte and KPMG will not bid for the role. BDO and Grant Thornton, the two biggest mid-tier auditors, have both been approached by Boohoo but have also decided against seeking appointment.
KPMG will be unable to apply for the role for at least a year due to a potential conflict of interest. Its recent consulting work for Boohoo includes advice to the company's pay-setting committee.
The other Big Four firm, EY, is understood to have been approached during the tender. It is understood that the firm has not yet decided if it is willing to work as Boohoo’s auditor.
It means the online retailer could struggle to find a firm with the size and expertise to carry out the audit of its business, which reported sales of £1.2bn last year.
The problem echoes chaos at the retail empire of billionaire Sports Direct tycoon Mike Ashley, which took months to announce a new accountant after losing Grant Thornton last year.
EY, which audited German payment business Wirecard and private hospital operator NMC Health before they collapsed in accounting scandals earlier this year, resigned in March as auditor of stricken payments firm Finablr over governance concerns.
The Department for Business, Energy and Industrial Strategy has legal powers to appoint an auditor to public companies that cannot find one on the open market.
Boohoo said PwC is still its auditor but that it has begun a tender for the role. PwC signed an "unqualified opinion on the group's 2020 financial statements", Boohoo said, and having served as the group's auditor since 2014 is not participating in the tender process.
The audit firms declined to comment.
PwC's resignation comes after rival Deloitte quit as auditor of EG Group last week, the petrol forecourt operator whose billionaire brother owners have just agreed a £6.8bn takeover of Asda.
"Auditors are concerned by the reputational risks of being associated with Boohoo as well as its governance and supply chains."
The main crux of the article and 4 of the big 6 are not interested in taking on the audit
First was the Levitt report intimating poor corporate governance and family connections with dodgy Leicester factories.
PWC are getting out as it's getting too hot for them. They clearly don't want to be associated with potential murky practices.
The most interesting article of all was in the Telegraph a couple of weeks ago where investigations allegedly found over 120 different companies, run by friends and extended family of Kamani, strongly linked to poor Leicester factories. Everytime the investigators got close to something that smelt bad, company would close down and reopen under a different guise.
Not saying Boohoo will eventually clean it's act up, but for now it's a brave man to buy in now. I think there's more bad news ahead before good.
Jesus this is bad! Must be a serious problem lurking - what is it??
What price you coming back in, Steve?
At the end of the day they are still making money hand over fist, so capitalism will prevail. Compare the last week in google trends,
2020 - PLT 83 & BOO 57
2019 - PLT 38 & BOO 42
There is money to be made at this share price, I reckon there is still some meat to fall off. But I will be back in this soon...
https://trends.google.com/trends/explore?date=today%205-y&geo=US&q=%2Fg%2F11ggr7sf1b,%2Fg%2F11dd_swcrg
My losses weren't so bad after all.
Can’t read it all. Does anybody have access?
Can you post the article?
https://www.telegraph.co.uk/business/2020/10/19/boohoo-shares-slide-pwc-confirms-resignation/