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.
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