As if there weren’t enough troubles hovering over Time Warner, another one: it will restate its financial results after an independent auditor found problems with the way it accounted for a number of transactions in 2000 and 2001, mainly involving online advertising.
Last year in March, TW came to a $300 million settlement with SEC, and this investigation was part of that deal…With that review now complete, the company will restate results going back to 2000. The transactions under review involved 17 other companies; problems found with 15 companies totaled $584 million in revenue.
NYTimes: It restated another $584 million, bringing to more than $1.26 billion the total sales that AOL booked improperly over several years.
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