Shares in audience measurement specialist comScore plunged 35% to $26.52 yesterday, after the firm disclosed that its Audit Committee has not finalized an ongoing review of 'certain potential accounting matters'.
In an SEC filing on Monday, the firm said this review had caused the company to delay the filing of its annual report, postpone an investor day scheduled for March 16th, and suspend a $125m share repurchase scheme. The Audit Committee does not expect to finalize the review before March 15th, and the company will not file its Form 10-K until after the committee's conclusions have been assessed by comScore's independent public accountants.
comScore has not provided details about the 'accounting matters', which were revealed on February 19th, two days after the company released its fourth-quarter and full-year financial results. In the SEC filing, comScore said it does not expect to make further comment regarding the Audit Committee's review until its conclusion.
Marcoms giant WPP currently holds a 16% stake in comScore, which recently acquired cinema and TV audience pioneer Rentrak for around $732m.
Web site: www.comscore.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.