FAQ

1. What is the Action about?

The Action Against Atos Auditors is an action by shareholders of Atos SE (“Atos”) before the French civil courts (initially, before the commercial court) aimed at establishing the civil liability of Atos’ statutory auditors, namely Deloitte & Associés and Grant Thornton, for faults and negligence committed in the exercise of their duties.

To date, more than a thousand shareholders have expressed interest in the Action.

Its objective is to obtain compensation for the losses suffered by shareholders by demonstrating that Atos’ financial statements, as certified by its statutory auditors, did not reflect the true financial and asset position of the Atos group.

This case is of major strategic importance, as it is one of the largest civil actions ever brought against statutory auditors in France, in one of the biggest financial scandals in the Paris market.

2. Why an action against Deloitte & Associés and Grant Thornton?
Deloitte & Associés and Grant Thornton are the statutory auditors who certified the consolidated accounts of the Atos group prior to the 2024 financial year. According to our analyses, these accounts can be considered irregular and not truthful, which misled shareholders in their investment decisions regarding Atos shares.

The main faults and negligence alleged against Deloitte & Associés and Grant Thornton are:

  • Certifying financial statements containing numerous irregularities and which did not reflect the true financial and asset position of the Atos group.

  • Failing to issue a warning regarding the going concern risk, at the latest for the 2021 and 2022 financial years.
3. What are the identified accounting irregularities?

The main identified accounting irregularities are as follows:

  • The absence of impairment of Atos group’s intangible assets, particularly goodwill, despite a significant deterioration in cash flows and a substantial increase in interest rates affecting the discount rate (a key parameter in impairment tests);

  • The absence of a warning regarding the group’s going concern, particularly for the 2021 and 2022 financial years, despite an imminent liquidity risk concealed by aggressive working capital optimization measures, resulting in artificially inflated cash and artificially reduced net debt;

  • Aggressive recognition of assets related to multi-year contracts, which artificially increased assets and equity on the balance sheet, and artificially increased revenue in the income statement;

  • Under-provisioning of certain risks related to the parent company’s guarantees (off-balance sheet commitments) and the ongoing litigation between Syntel (a 100% Atos subsidiary) and TriZetto in the United States; and

  • The reintegration of allegedly exceptional – but in reality recurring – expenses, which resulted in a misleading EBITDA.
4. Who can participate in the Action?

In principle, any investor who acquired Atos shares between 21 February 2018 and 25 March 2024 (inclusive) is eligible to participate in the Action Against Atos Auditors, regardless of whether they have since retained or sold those shares.

However, Atos employees who acquired Atos shares through the FCPE (company mutual investment fund) cannot directly participate in the Action Against Atos Auditors, as they are not authorized to take legal action personally. Only the FCPE management company is authorized to do so. We are currently working on this issue.

Registration on the platform dedicated to the Action does not automatically guarantee participation in the Action. The actual participation of each investor will be determined by Vermeille & Co based on expert reports prepared during the preparatory phase of the Action. The same applies to the amount of compensation sought in the Action for investors selected to participate.

5. How do I participate in the Action?

To participate in the Action Against Atos Auditors, simply:

  • Complete the online form on the platform dedicated to the Action (by clicking the button below);

  • Attach to this form the documents proving your acquisition of Atos shares between 21 February 2018 and 25 March 2024 (account statements or transaction notices issued by your financial intermediary);

  • After your registration is validated, electronically sign: 

    1.    The fee agreement with the law firm Vermeille & Co, authorizing them to represent your interests in the Action; 
    2.    The contract with the litigation fund, under which your financial obligations provided for in the fee agreement (including fees, expert fees, court costs, etc.) are assigned to the litigation fund.

If you acquired Atos shares both in your own name and in your company’s name, you must make two separate registrations on the platform (one in your name, one in your company’s name).

If your Atos shares are spread across several accounts (for example: securities account and equity savings plan), a single registration on the platform is sufficient.

Access the registration platform

6. How much will the Action cost me? Do I have to pay any fees upfront?

All procedural costs for conducting the Action (legal fees, expert fees, court costs, etc.) are covered by a litigation fund that has agreed to finance the Action.

This financing covers the entire judicial process (first instance, appeal, cassation, and remand after cassation) and is based on the following agreement:

  • In the event of success: a commission will be deducted by the fund from the amount of the gains obtained, which will include a success fee for the law firm Vermeille & Co; 
  • In the event of failure: the procedural costs paid by the fund will remain entirely at its expense.

You therefore do not have to pay any fees to participate in the Action.

7. How does the procedure work and how long will it take?

The main stages of the judicial procedure are as follows:

  • Summons of Atos’ statutory auditors before the commercial court;
  • Proceedings before the commercial court (until its judgment on the merits of the Action);
  • Possible appeals (appeal and cassation);
  • Final judicial decision;
  •  If necessary, enforcement proceedings for the final judicial decision.

The duration of the procedure is difficult to estimate given the complexity of the Action, the uncertainty regarding appeals, and the possibility of an amicable settlement ending the Action at any stage of the judicial process.

You will be regularly informed of the progress of the procedure via the platform dedicated to the Action.

8. Will I have to testify or attend a hearing?

No, you will not have to testify or attend a hearing.

All hearings, steps, and formalities will be handled by the law firm Vermeille & Co.

9. How will I be informed of the progress of the Action after I register?

After you register, you will regularly receive information about the progress of the Action, by email and/or via the platform dedicated to the Action.

Below are the contact details for your points of contact: