BearingPoint Inc., a spinoff from KPMG's former consulting business, said that the Securities and Exchange Commission has launched a formal investigation of the company.

Along with providing an update to the progress of the company's plans to release its 2004 financial statements, BearingPoint said that the SEC has issued a formal order of investigation into the company.  In a statement, BearingPoint said that it believes the matters involved are the same as the informal investigation it announced in March.

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