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ProQuest rocked by mis-statement probe.

Information World Review

| September 04, 2006 | COPYRIGHT 2006 Incisive Media, published with the permission of Incisive Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Mark Chillingworth

ProQuest rocked by mis-statement probe

Mark Chillingworth

US financial regulator, the Securities and Exchange Commission (SEC), is investigating ProQuest Information & Learning following misleading financial statements by a senior executive.

The education publisher has carried out a root and branch investigation and "terminated" the executive responsible. ProQuest told IWR that it has now weathered a difficult storm.

According to an internal investigation conducted by law firm Skadden, Arps, Slate, Meagher & Flom, the former vp of finance at ProQuest has been found to "bear primary responsibility for accounting mis-statements" that have forced ProQuest to restate its earnings.

"Expenses appeared as capital items," said Kevin Norris, ProQuest General Counsel, adding that the vp had made inappropriate journal entries to make the business look more profitable.

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Source: HighBeam Research, ProQuest rocked by mis-statement probe.