Forest Oil says it will need more time to file 10-Q amid accounting review


Forest Oil (NYSE:FST) -5% premarket after disclosing it will need more time to file its 10-Q form after identifying "material weaknesses" in its internal controls.

FST says it does not believe the material weaknesses resulted in a misstatement of its financial statements on Form 10-K for last year, but says it is auditing the procedures.

FST warns the review may change the results included in its Q2 earnings report issued yesterday, in which EPS and revenues failed to meet Wall Street expectations.

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