Tyco Delays Results of Internal Probe
AP reports that Tyco Int’l Ltd. will delay until the end of the year the findings of an internal investigation, which focused on the company’s accounting practices and is aimed at restoring investor confidence in the troubled manufacturing conglomerate. The company had earlier promised results from the investigation by late fall.
In a brief statement, the company said the report on Tyco’s accounting practices would be released on or before Dec. 30, the same day its annual report is due. Tyco gave no explanation for the delay.
The results of the internal investigation headed by lawyer David Boies could complicate a planned restructuring of $5.8 billion in debt.
A person close to the situation told The Wall Street Journal that Boies completed his review by the promised late-fall deadline, but that it would take time for Tyco to prepare a regulatory filing summarizing the results.
People familiar with the Boies probe have said previously that it did not find any major fraud, but it could leave open questions about the company’s acquisition accounting. The same issues are being investigated by the Securities and Exchange Commission (SEC).
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