SAN FRANCISCO, Nov 16 (Reuters) - SunPower Corp is investigating what it believes are millions of dollars in accounting mistakes for the past three quarters, the U.S. solar module maker said on Monday, sending its stock down as much as 8 percent.
The Silicon Valley-based company said an internal review of its Philippine manufacturing operations found that there may have been unsubstantiated accounting entries, and that its audit committee had started an investigation.
Accounting regularities are increasingly showing up in U.S. regulatory filings and corporate announcements, in a sign that the recession could be taking a toll on bookkeeping.
Based on preliminary findings, SunPower said its audit committee had found $1 million in overstated expenses in its costs of good sold for the first quarter, and understated expenses of $14 million in the second quarter and $2 million in the third quarter.
Shares of SunPower fell as much as 8.2 percent in after-hours trading, and were last changing hands at $26, down 4.5 percent.
(Reporting by Braden Reddall; Editing Bernard Orr) Keywords: SUNPOWER/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Silicon Valley-based company said an internal review of its Philippine manufacturing operations found that there may have been unsubstantiated accounting entries, and that its audit committee had started an investigation.
Accounting regularities are increasingly showing up in U.S. regulatory filings and corporate announcements, in a sign that the recession could be taking a toll on bookkeeping.
Based on preliminary findings, SunPower said its audit committee had found $1 million in overstated expenses in its costs of good sold for the first quarter, and understated expenses of $14 million in the second quarter and $2 million in the third quarter.
Shares of SunPower fell as much as 8.2 percent in after-hours trading, and were last changing hands at $26, down 4.5 percent.
(Reporting by Braden Reddall; Editing Bernard Orr) Keywords: SUNPOWER/ (braden.reddall@thomsonreuters.com; +1 415 677 2543; braden.reddall.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.