The London-based firm neither admitted nor denied wrongdoing in the settlement which involved Sarasota, FL-based Pinnacle Holdings Inc., a national cell phone-site developer, and Avon Products Inc. of New York, according to a prepared statement from the SEC.
The SEC complaint charges the accounting firm helped Pinnacle set up $24 million in improper reserves of which Pinnacle capitalized $8.5 million in costs, including $6.8 million in fees paid to PricewaterhouseCoopers for consulting and other non-audit services that should have been booked as expenses.
The action occurred in 1999 and 2000 while Pinnacle was accounting for a 1999 acquisition of certain assets from Motorola, Inc., the complaint says.
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