Defendant Name:
Interpublic Group of Companies, Inc.
Defendant Type:
Public Company
Document Reference:
LR-20547
Document Details
Legal Case Name
SEC v. Interpublic Group of Companies, Inc. and McCann-Erickson Worldwide, Inc.
Document Name
SEC Charged McCann- Erickson Worldwide, Inc., Interpublic Group Of Companies And Two Former Executives; Defendants Agree to Settle; McCann Agrees to Pay $12 Million Penalty
Document Date
01-May-2008
Document Format
Civil Proceeding
Case Number
08-cv-04075
Federal District Court
New York, Southern District of New York
AAER
2819
Allegation Type
Issuer Reporting and Disclosure
Document Summary
The SEC stated that: "[It] filed a civil injunctive action against McCann-Erickson Worldwide, Inc. ("McCann") and the Interpublic Group of Companies, Inc. ("IPG"). The Commission alleged that McCann committed securities fraud when it misstated its financial results by failing to expense properly intercompany charges. IPG negligently failed to address the intercompany problems at its largest subsidiary, McCann. IPG also violated the reporting, internal controls and books and records provisions of the securities laws in connection with a variety of issues that were reflected in various restatements IPG issued from August 2002through September 2005 totaling more than $600 million. IPG and McCann agreed to settle the Commission's charges, and McCann agreed to pay a$12 million civil penalty."
Disgorgement & Penalty Information
Other Defendants in Action: