Two law firms, Berger & Montague in Philadelphia and Kaplan Fox in New York, announced yesterday that they were filing against Omnicom on behalf of investors who purchased shares in the company between April 25 2000 and June 11 2002.
The company is already facing numerous lawsuits on behalf of investors.
However, Omnicom's share price rose 2.87% to close at $41.91 yesterday, up by $1.17 on the previous day's close. The company has recently announced several account wins, including Long John Silver restaurants and the Bank of America for BBDO North America, and the Illinois Lottery for DDB Chicago.
The world's largest marketing group has seen its share price collapse after a story in the Wall Street Journal claimed that Omnicom made misleading impressions about its financial results by including earnings from recent acquisitions. Other companies exclude the results for the first year after acquisition.
However, president and CEO John Wren has defended the company, stating that it has "no skeletons in its closet".
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