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NEW YORK Investors, already on edge after Interpublic Group of Companies’ disclosure of new accounting issues on March 11 as flagship client General Motors put its $3.2 billion U.S. media buying account up for grabs, were dealt another unexpected blow last week: The financial controls at the industry’s third-largest holding company are in worse shape than anyone could have imagined.
Not only is IPG unable to announce a date for reporting its 2004 results, it may be delayed in releasing its first quarter numbers—and possibly even those for the second quarter.
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