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NEW YORK The Securities and Exchange Commission’s five-year investigation into accounting irregularities at Interpublic Group continues to linger and the SEC has now asked IPG to formally present its side of the story.
IPG has received a “Wells notice” to submit a response to SEC staffers before they make a recommendation to the commission, IPG said in an 8-K filing today.
The holding company described the request as a prerequisite to settlement negotiations with the SEC.
In its filing, IPG said that the SEC’s staff told the holding company that it “intends to seek approval from the commission to enter into settlement discussions with the company and, failing a settlement, to commence an action charging the company with various violations of federal securities laws.
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