Washington (Aug. 29, 2003) -- Penthouse, the racy men’s magazine famous for layouts of its “Penthouse Pets,” will get an up-close and personal look from the Securities and Exchange Commission, as the regulator has launched a formal investigation into the publisher’s financial statements.

In a filing, the publisher said that it received a formal order of investigation from the financial watchdog regarding its full-year 2002 and first-quarter 2003 results, as well as its accounting treatment of a management agreement on its Web site.

The company said it is cooperating fully with the inquiry.

-- WebCPA staff

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