Money Trouble At McCann
Nov 14, 2002, 12:00 AM
Interpublic has reported revenue of $1.50 billion for Q3, but that’s hardly the end of its report. Its results are lower than previously forecast due to “unanticipated charges” at McCann-Erickson. Interpublic has notified the SEC that it plans to seek a five-day extension to the November 14 deadline for filing its 10-Q report to allow the company “time to finalize the impact of the restatement.” The final amount of the restatement is $181.3 million, which is substantially all of which is related to quarters in 2001 and earlier. Interpublic has initiated searches for a Chief Operating Officer of the corporation and for a new Chief Financial Officer of McCann-Erickson WorldGroup.