Group cuts profit forecasts and launches review after mistake relating to North American arm Business live – latest updatesWH Smith shares have plunged as it cut financial forecasts and launched an independent review after discovering an accounting blunder that led it to overstate profits by £30m.Investors wiped nearly £500m off the retailer’s market value on Thursday morning as it reported the multimillion-pound accounting error, sending the stock price down as much as 36% to £7.06 a share. Continue reading…