it's an epidemic! - now XRX

Doug Henwood dhenwood at panix.com
Fri Jun 28 16:25:51 PDT 2002


<http://biz.yahoo.com/rb/020628/tech_xerox_5.html>

Friday June 28, 5:55 pm Eastern Time

Reuters Business Report Xerox Restates $6.4 Billion

By Franklin Paul

NEW YORK (Reuters) - Xerox Corp. (NYSE:XRX - News) on Friday restated five years of results to reclassify more than $6 billion in revenues in yet another scandal battering confidence in Corporate America's accounting.

The move rattled investors, who were shaken by the revelation earlier this week that U.S. long-distance and data carrier WorldCom Inc. (NasdaqNM:WCOME - News) inflated profits by hiding nearly $4 billion in expenses, and after several years of nagging questions about Xerox's accounting practices.

...



More information about the lbo-talk mailing list