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Catalina Marketing Corp. continued to get slapped with shareholder lawsuits last week, even as its stock inched up after hitting a 52-week low of $12.58 on Aug. 26.
Wolf Haldenstein Adler Freeman & Herz filed a class-action suit Sept. 2 in Florida, alleging the St. Petersburg, Fla., in-store promotions company misrepresented revenue and earnings growth.
After the market closed Aug. 25, Catalina said its independent auditors had resigned over accounting issues. According to a Catalina statement, Ernst & Young questioned the company’s recognition and timing of revenue generated by its health-resource and manufacturer-services units; the timing of the accounting treatment of its customer arrangements in those divisions; Catalina’s accounting treatment of certain non-cash transactions in its retail services unit; and its disclosure of segment information for financial reporting.
Catalina, which is seeking a new auditor, said in the statement that it continues to evaluate those issues and the impact of E&Y’s findings of...
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