Force Protection Reveals Accounting Troubles

OKLAHOMA CITY -- The wheels keep flying off at Force Protection (FRPT Quote).

The maker of military vehicles -- already struggling with heightened competition and disappointing orders -- has now run into problems with its financial reports.

In a press release Friday, the company said its management team has discovered "significant accounting errors" in the quarterly report that it issued just three months ago. The company blamed the problems on "the recording of accounts payable related to inventory purchased from a sub-contractor as a result of a contract termination." ...