News that its auditors PwC had resigned its account saw the Boohoo share price fall by almost 20 per cent on Monday. This latest bad news had followed allegations that one of Boohoo’s suppliers had been found to be involved with VAT fraud and money laundering. This along with earlier allegations that Boohoo management had knowingly sanctioned the use of unlawfully run ‘sweatshops’ in Leicester for the production of some of its fast-fashion ranges has clearly unsettled investors.
Boohoo directors moved quickly to buy shares in an effort to shore up the price.
Share