- The U.S. Securities and Exchange Commission fined two companies for violations that resulted in improper reporting of quarterly earnings, the regulator’s first enforcement actions under a program to detect such violations.
Monday’s actions result from the SEC’s EPS Initiative, which uses risk-based data analytics to uncover suspect accounting and disclosure practices that can enable companies to report earnings per share that appear consistent or please Wall Street. It said this caused Interface’s earnings per share to meet or exceed analyst forecasts, often when internal forecasts projected they would fall short.
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