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Bristol accounting

Executive Summary

SEC opens a formal inquiry into Bristol-Myers Squibb's accounting practices related to wholesaler inventory levels (1"The Pink Sheet" Aug. 19, In Brief)...

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Bristol SEC inquiry

SEC wholesaler inventory inquiry "may become a more formal investigation," Bristol-Myers Squibb says in 10-Q filed with the Securities & Exchange Commission Aug. 14. "One possible outcome could be a restatement of our results reflecting the previously disclosed wholesaler inventory buildup." Bristol has already restated the estimated impact from excess inventories three times; the most recent estimate implies a revenue impact of nearly $5 bil. (1"The Pink Sheet" July 29, In Brief). "We believe our accounting treatment for the wholesaler inventory buildup was appropriate and, accordingly, believe that this outcome is unlikely"...

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