AOL could pay millions more as probe drags on
InfoWorld | at | by Mike
Federal investigators looking into America Online's (AOL's) accounting practices are now focusing on two advertising deals the company forged with German media giant Bertelsmann, which may result in AOL having to issue further restatements to its financial results.
AOL parent company AOL Time Warner (AOLTW) revealed regulators' concern over the Bertelsmann deals in a quarterly filing submitted with the U.S. Securities and Exchange Commission (SEC) Friday. Both the SEC and the U.S. Department of Justice (DOJ) have initiated probes into AOL's accounting practices, which has led the company to launch its own internal investigation and restate nearly two years worth of financial results, totalling $190 million.