NEW YORK: Interpublic Group (IPG) has been dogged by bad news this month and has twice delayed the release of its earnings figures.
The holding company first revealed on March 11 that it would not be able to file its annual report and 2004 earnings figures on time because of ongoing problems in its internal financial controls.
A conference call is slated for April 5 to update investors on the company's status.
Within a week of the financial revelations, IPG also announced the departure of two executives at separate agencies.
It is also in financial limbo in the wake of a General Motors agency review and has issued a statement assuring investors that "we can mount a successful defense" of the account.
But the statement also noted, in anticipation of a bad outcome, that GM accounts for "less than 1% of our global revenue."
A week later, IPG said that its 2005 first and second quarter financial statements might be delayed and that financial restatements to the tune of more than $150 million, spanning more than five years, could be coming.
The company's credit rating slipped in the wake of the news.
IPG's PR agencies include Weber Shandwick, MWW, and Golin Harris.