BusinessCompany NewsAccounting error hits Whatman profits for six

Accounting error hits Whatman profits for six

More than half a million pounds damage done to bottom line

Whatman, the Brentfold-based separation
technology specialists, has seen £600,000 wiped off its bottomline profits
following a stock options accounting error in the US.

‘It is most unfortunate to have to report the discovery of a stock accounting
issue,’ said chairman
Bob
Thian
.

‘We have taken immediate remedial action to tighten our internal controls and
are redoubling our sales efforts to accelerate top line growth,’ he added.

The news caused the company’s stock price to fall by 12%.

Further reading:

Internal controls: opportunity knocks 

CFO pleads guilty to fraud in stock options case

PCAOB issues advice on stock option expensing

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