Accounting errors force Internet retailer to recalculate more financial statements
By APFriday, February 5, 2010
Overstock.com revisits financials, again
SALT LAKE CITY — Internet retailer Overstock.com says it’s recalculating more financial statements because of accounting errors that have already prompted a review by federal regulators.
Overstock announced Thursday that it was shifting $1.7 million in income from 2009 to its 2008 fiscal year.
The company attributed the problem to accounting mix-ups with other companies that sell goods on its Web site.
The Securities and Exchange Commission in September filed a subpoena as part of an investigation into Overstock’s financial restatements for fiscal years 2006 through 2008.
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