TheStreet (TSCM) , the financial media group that publishes this Web site, said the Securities and Exchange Commission is conducting an investigation following the company's recently announced restatement of earnings for 2008.
"The company has learned that the
commenced an investigation after the company's recent restatement," TheStreet said in a statement. "The Company is cooperating fully with the investigation."
The company cited the review among other reasons for a delay of its 10K earnings report. In a notice filed with the SEC Wednesday explaining the delay, the company said:
"As a result of the need for the Company and its independent registered public accounting firm to focus attention on matters related to the Company's previously-announced review of the accounting in its former Promotions.com subsidiary, which subsidiary the Company sold in December 2009 -- including matters related to the preparation and filing by the Company in February 2010 of a Form 10-K/A for the year ended December 31, 2008, a Form 10-Q/A for the quarter ended March 31, 2009 and Forms 10-Q for the quarters ended June 30, 2009 and September 30, 2009, respectively, and matters related to an investigation commenced by Securities and Exchange Commission in March 2010 -- the Company requires additional time to prepare its financial statements, assess its internal controls and file its Form 10-K for the year ended December 31, 2009 ("2009 Form 10-K"). The Company expects that it will be able to file its 2009 Form 10-K on or before the fifteenth calendar day following the prescribed due date."
The company acknowledged the SEC review earlier this week on its earnings conference call, saying this is often the case when a company files restated financials.
The company said it does not expect the formal 10K filing to be materially different than the results the company published in a March 15 press release.
for the fourth-quarter and the full year.
In January, TheStreet announced a
of financial reports for all of 2008 following an accounting review related to the Promotions.com unit that was divested in December.
This article was written by a staff member of TheStreet.com.