The Company is still conducting its accounting analysis and has not yet determined definitively the impact of these differences on the Company’s historical financial statements. However, the Company expects that it will restate its previously filed financial statements for the years 1997 through 2005… the Company’s board of directors has concluded that the Company’s previously issued financial statements and other historical financial information and related disclosures relating to periods through December 31, 2005 contained in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including applicable reports of its independent registered public accounting firm and press releases, should not be relied upon.
It’s way too soon to call this a trend. The approach makes sense though, from the standpoint of giving shareholders information about the economics of pay within these firms during those long-past years. While there may be nothing material in 2006, as Monster notes, the roots of these problems might have an effect on years to which 2006 might be compared. When the facts are all displayed for shareholders, the revised history of all these firms is going to be interesting.