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From the Blogosphere Will TechTarget's Other Shoe Drop Today?
The company delays its fourth-quarter earnings report due to "improper accounting methods"
Feb. 20, 2009 10:28 AM
The last bit of not-so-good news surrounding TechTarget's recent financials was dated February 13, 2009, and posted in the Boston Business Journal, and entitled "TechTarget stock falls amid earnings delay." "Online and print media provider TechTarget Inc. said late Thursday that it has delayed the release of its fourth-quarter earnings report 'due to improper accounting methods' linked to its Web broadcasting revenue." Due to improper accounting methods? Oh boy, that does not sound good!
Their numbers for last year were bogus too? The company press release says that the auditors discovered these improper accounting methods during their year-end audit. The press release says it may be summer by the time they can report their 2008 year-end numbers. Well, today is Friday, and Fridays are bad news days on Wall Street. What do you think, will TechTarget's other shoe drop today?
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And the Boston Business Journal story continues: "TechTarget did not say when the updated earnings report would be released. It also cautioned that prior years' financial reports may have to be restated, although those changes should not materially affect TechTarget's revenue or operating income for the periods in question."
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