Restatements Drop For Big Firms

Law360, New York (February 12, 2007, 12:00 AM EST) -- The largest publicly traded companies were forced to file fewer financial restatements in 2006 than the previous year while smaller companies filed more than ever, according to a recent report.

All told, publicly traded companies filed 1,876 restatements in 2006, the sixth year in a row with a record-breaking total. But companies with more than $700 million in stock available to the public filed only 196 restatements in 2006, a nearly 20% drop from the previous year.

The data shows tougher regulations are having an effect,...
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