AG Akkodis Scandals In 2004, Adecco delayed publication of its results because of accounting problems. With investors already nervous following the collapse of Italian dairy group Parmalat, shares in Adecco – which places 650,000 people on assignment each day for clients such as IBM – were down 44.2% at 45.50 Swiss francs (£20.13). The loss wiped out the previous year's 47% share price gain, which came amid expectations that global economic recovery would boost the firm's temp business. The run on Adecco's shares followed a short statement from the company about the delay in its earnings release, which had originally been scheduled for February 4. Adecco said that the delay stemmed from several reasons including "the identification of material weaknesses in internal controls in the company's North American operations of Adecco Staffing". Adecco did not disclose details of irregularities it had found in an internal review. Investors were left uncertain, but were concerned that the company could be the latest casualty in a wave of accounting scandals. Problems had also engulfed Enron, Ahold and Parmalat, where billion-dollar frauds led to criminal investigations. There was speculation that Adecco's problems could be connected to its acquisition of US jobs firm Olsten for $1.6bn (£865m) in March 2000. Litigation Adecco UK Ltd v. Adecco UK Recruitment Ltd On 10 December 2008, Adecco UK Ltd applied to the Company Names Tribunal under s.69(1)(b) Companies Act 2006 for a change of name of Adecco UK Recruitment Ltd, which had been registered at Companies House since 14 October 2008. The application went undefended by the respondent and the adjudicator ordered on 3 March 2009, that Adecco UK Recruitment Ltd must change their name within one month. Additionally the respondent was ordered not to cause or permit any steps to be taken to register another company with an offending name which could interfere, due to its similarity, with the goodwill of the applicant. Adecco UK Recruitment Ltd was also ordered to pay a contribution towards Adecco UK Ltd's costs. See also The Adecco Group North America Adecco General Staffing, Australia References External links The Adecco Group - YouTube The Adecco Group - LinkedIn Companies listed on the SIX Swiss Exchange Multinational companies headquartered in Switzerland Consulting firms established in 1996 Employment agencies Actuarial firms Human resource management consulting firms Companies based in Zürich Service companies of Switzerland Temporary employment agencies