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April 3 (Reuters) - British advertising group WPP Plcsaid on Tuesday it was conducting an investigation inresponse to an allegation of personal misconduct against itschief executive, Martin Sorrell, who denied wrongdoing.
WPP, the world's biggest advertising company, issued astatement after The Wall Street Journal reported news of theprobe earlier in the day. WPP's board is also looking intowhether Sorrell misused company assets, the Journal said, citingunnamed sources.
Sorrell, in response to WPP's announcement, said he rejectedthe allegation "unreservedly" but recognised that the companyhad to investigate.
"I understand that this process will be completed shortly,"he said in a statement. "Obviously, I shall play no part in themanagement of the investigation under way."
The board has hired a law firm to investigate some of theissues, the Journal reported.
The company statement and the newspaper report gave nofurther details on the accusations.
Separately on Tuesday, securities litigation firm Block &Leviton LLP said it was looking into whether WPP and certain ofits officers and directors violated federal securities laws.
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