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SEC launches formal investigation into Interpublic Group

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New York--Interpublic Group of Cos. Inc. on Friday said the U.S. Securities and Exchange Commission has upgraded its informal probe of the company's accounting into a formal investigation. Interpublic is the world's second-largest owner of advertising agencies; its companies include FCB Worldwide, McCann-Erickson WorldGroup and Lowe & Partners Worldwide. Interpublic restated six years of financial results last year due to improperly expensed charges, most of which were related to inter-company expenses. The company said it is fully cooperating with the SEC investigation.
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