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IPG is hoping that its financial restatement means its problems are behind it. In fact, a new phase may be about to begin.
As the Interpublic Group of Companies' chairman and chief executive, Michael Roth, finally talked analysts through the company's restated results last Friday, the vultures had already begun to circle.
IPG restated dollars 550 million for the period of 2000 to 2004, while belatedly revealing a net loss of dollars 558.2 million for 2004. But if Roth thought this would draw a line under the company's troubles, he was mistaken. For having battled so long to mop up an accounting scandal, IPG's management team now has to deal with the ...