New York (June 22, 2004) – Misleading financial reporting is apparently still a pervasive practice, as an estimated one-third of the leading publicly traded companies file financial statements that do not accurately represent their true financial condition, a recent study revealed.
According to research conducted by RateFinancials Inc., an independent research firm specializing in rating financial reporting, 32 percent of the 120 companies it examined had a "below average" or "poor" rating, signaling a high risk of existing or future financial problems and low overall quality of reported earnings.
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