From AAO Weblog
Sterling Financial Corporation filed a non-reliance 8-K on its financial results between January 1, 2004 and the end of 2006.
Reason? “[F]inancial irregularities related to certain financing contracts at one of its financial services group companies, Equipment Finance LLC.” Two senior officers of the subsidiary also hit the road, and the president and CEO of Equipment Finance LLC voluntarily stepped down.
Still pretty much a mystery as to what went wrong. It’s a company with roots back to 1863 and it’s based in Lancaster, Pennsylvania – solid Amish country where you don’t expect much to go awry when it comes to the Golden Rule. So it will be interesting to see if the misstatements relate to intentions or sloppiness.
http://www.accountingobserver.com/blog/
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