The accounting problems reportedly might not be over at
Bookkeeping issues at the company's flagship McCann-Erickson, which has already resulted in $120 million of restatements, could still need revision,
The Wall Street Journal
reported, citing people familiar with the situation.
While the additional restatements might be small, they further call into question the leadership of Chief Executive John J. Dooner Jr. and Chief Financial Officer Sean Orr, who have twice tried to put the issue behind them.
The restatements have involved the simultaneous booking of overlap revenue by more than one segment of the far-flung advertising empire. At more than $120 million, the restatements would total more than twice what the company first disclosed in August.
The shares closed at $13.36, down 22 cents, on Friday.