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NEW YORK Interpublic Group’s acknowledgment Friday that it was facing yet another financial restatement triggered a series of setbacks and distractions for the holding company and its agencies—from Standard & Poor’s lowering its long-term credit rating to agency CEOs scrambling to reassure clients.
IPG is still reviewing the problem—this time related to acquisitions—and other accounting issues, but said it had already identified about $145 million in revenue and $25 million of net income that “may have been improperly recognized” between 1996 and 2001.
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