Media Industry
Industry: Email Alert RSS FeedAOL: under scrutiny, under fire; with SEC investigating its accounting, AOL Time Warner's stock price tanks. (Top of the Week).(Brief Article)
Broadcasting & Cable, July, 2002 by McClellan, Steve
On the same day Adelphia's Rigases were arrested and charged with business fraud last week, AOL Time Warner acknowledged that the Securities and Exchange Commission had begun a "fact-finding inquiry" into the company's accounting practices. The company's accountant is Ernst & Young. CEO Richard Parsons confirmed the SEC inquiry in a teleconference with investors and analysts after the markets closed last Wednesday.
On Thursday, the company's stock was hammered by Wall Street, falling as low as $8.70, or more than 80% off its 52-week high of $47.25. By midday trading Friday, it had recovered to $10.55 but was still down more than 10% for the week. Word of the investigation followed a series of Washington Post stories highlighting the way AOL accounted...
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