Omnicom Intensifies Its Crisis-Management Effort

Omnicom Group scrambled to come up with a plan to defend its reputation and restore shareholder confidence last week, even as five more law firms filed shareholder class-action suits against the ad holding company.

The actions, which bring the number of suits filed against the company to seven, allege that Omnicom made “material misrepresentations” to shareholders, reiterating published concerns about Omnicom’s accounting practices and its handling of the transfer of Internet assets into a newly formed entity called Seneca.

Suits have been filed by Scott + Scott, Colchester, Conn.;