SEC Says 16 Companies Failed to Certify Results
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The Securities and Exchange Commission said its staff has finished processing the 691 certifications of corporate financial results that were due by Aug. 14, finding just 16--or 2.3%--that weren’t able to sign off on their previous quarterly and annual numbers.
Companies that weren’t able to certify results were: ACT Manufacturing Inc., Adams Resources & Energy Inc., Adelphia Communications Corp., Alaska Air Group Inc., CMS Energy Corp., Consolidated Freightways Corp., Dynegy Inc., Enron Corp., Gemstar-TV Guide International Inc., Hercules Inc., LTV Corp., McLeod USA Inc., Mirant Corp., Qwest Communications International Inc., TruServ Corp., and WorldCom Inc.
Only one company, IT Group Inc., which is in bankruptcy liquidation, failed to file the certification by the Aug. 14 deadline or request an extension. An SEC spokesman declined to comment on what action the agency might take against the firm.
In June, the SEC ordered top executives at 947 of the nation’s largest companies to certify under oath that the results they file to the agency are accurate.
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