NEWS13 February 2017
US – The Nasdaq stock market has suspended trading in shares of measurement firm comScore following its continued failure to review its 2015 financial results on time.
ComScore CEO Gian Fulgoni
ComScore originally said it would be unable to finish reviewing its 2015 financial results on time just five weeks after completing its merger with TV measurement company Rentrak.
According to Bloomberg, comScore discovered faulty accounting for non-monetary transactions that overstated 2015 revenue by $29m and understated operating loss by about $8m. Last September, the company said that three years’ worth of filings would be restated, but later said that adjustments would also need to be made to some monetary transactions.
Its continued failure to do review its figures on time has seen its shares delisted from Nasdaq and moved to over-the-counter trading.
There is, according to Fintellect.com, a strong likelihood that when WPP reports its figures for 2016 next month, it will incur a charge of around $197m as a result. Last week, WPP’s comScore shareholding was worth around $174m, compared with its initial value of around $589m.
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