Omnicom shares fall after WSJ story

NEW YORK: Omnicom shares tumbled over 30% last week after a front-page Wall Street Journal article implied that the ad and communications giant had used aggressive accounting to mislead Wall Street about its growth in recent years.

NEW YORK: Omnicom shares tumbled over 30% last week after a front-page Wall Street Journal article implied that the ad and communications giant had used aggressive accounting to mislead Wall Street about its growth in recent years.

On a Wednesday afternoon analyst conference call, CEO John Wren lambasted the article: "We feel there are numerous inaccuracies and improper innuendos (in the article) in respect to the way the company is managed and governed, he said.

Among New York-based Omnicom's PR holdings are Fleishman-Hillard, Ketchum, Porter Novelli, Brodeur Worldwide, and Cone. None would comment on the situation.

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