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Byline: Brian Louis
Dec. 17--Krispy Kreme Doughnuts Inc. disclosed yesterday that it made mistakes in its accounting but that an independent law firm cleared the company and employees of any "intentional misconduct" in its repurchase of its Michigan franchise.
In a filing with the Securities and Exchange Commission, Krispy Kreme said that the errors and proposed adjustments were not material. However, it cautioned that other investigations were continuing and that it might have to restate earnings.
The company did not offer up any big surprises in the disclosures about its bookkeeping and that news appeared to cheer up some investors.
The absence of another round of significantly negative announcements helped send shares of Krispy Kreme 92 cents higher, or 8.7 percent, at close at $11.55, on heavy volume. …