Recent Financial Restatements

* Xerox, June 2002: The company disclosed that it inflated revenue by $6.4 billion over five years.

* WorldCom, June 2002: The telecommunications company announced that an internal audit found $3.9 billion in accounting irregularities.

* Qwest Communications International, June 2002: The company’s chief executive was forced out on concern that a federal investigation would result in a restatement of revenue for 2000 and 2001.

* Tyco International, June 2002: The company said it would restate its second-quarter earnings by $4.5 billion.

* Adelphia Communications, May 2002: The cable television company, which filed for bankruptcy protection earlier this week, announced that it would restate earnings for the last three years. Federal investigators also are looking into $3 billion in off-the-books loans made to the company’s founders.

* CMS Energy, May 2002: The company announced it would restate $1 billion of “round-trip” trades for 2000 and $4.2 billion for 2001. CEO William T. McCormick Jr. resigned.

* Network Associates, May 2002: The company restated results for 1998, 1999 and 2000, blaming the problems on intentional errors made by a single employee, who was fired. The errors overstated income by $4 million in 1998.

* Peregrine Systems, May 2002: The San Diego software maker, which fired its CEO and CFO, said it would restate downward its revenues by as much as $100 million for the last three years because of accounting irregularities uncovered by its new auditors.

* Reliant, May 2002: The Houston energy company admitted to $6 billion in sham trades that inflated revenue by about 10%.

* Homestore.com, March 2002: The Westlake Village company restated results for 2000, disclosing that revenue had been overstated.

* Enron, December 2001: The energy-trading company filed for bankruptcy protection after off-the-books accounting was uncovered.

* Rite Aid, October 1999: CEO Martin Grass was forced out when the company announced it would restate results for 1997 through 1999. The company overstated net income by $1.6 billion.

* Cendant, April 1998: The company said it would restate results because of inflated earnings. Two former top executives were indicted.