Sunbeam Hires Second Auditor in Probe
Sunbeam Corp. said it hired a second auditor to aid in the Securities and Exchange Commission’s probe into the company’s 1997 financial statements, a move the struggling household appliance maker said may result in restating its earnings for the last year. The move came as no surprise to analysts, who said the hiring of Deloitte & Touche to assist current auditors Arthur Andersen was simply to add credence to the review. The revelation also had little effect on Sunbeam’s stock, which edged up 6 cents to close at $10.44 on the New York Stock Exchange. The shares had hit an all-time closing low of $8.19 on June 22, after news of the SEC probe was released. Delray Beach, Fla.-based Sunbeam has been under intense media attention over the last few months, contributing to its steep stock sell-off from a record high of $53 in March.