SEC Launches Formal Probe of IPG Accounting

Focus Includes Five Years of Earnings Statements

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NEW YORK ( -- Interpublic Group of Cos. announced the U.S. Securities and Exchange Commission has launched a formal inquiry of its recent restatement of earnings for the last five years.

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In a statement issued this afternoon, Interpublic management said the company "has been fully cooperating with the agency and will continue to do so in order to bring the inquiry to a conclusion as promptly as possible."

Interpublic acknowledged in November that the SEC had launched an informal review of the restatement, which included $181.3 million in charges over a period from 1997 through the first half of 2002.

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