WASHINGTON, DC— The Securities and Exchange Commission has accused Trump Hotels & Casino Resorts of issuing a misleading earnings release in what is the SECs first case against pro forma financial reporting. According to Reuters, the SEC alleged that the Atlantic City, New Jersey-based company, headed by Donald Trump, cited pro forma figures in its third quarter 1999 earnings release that touted the companys positive results of operations, but failed to disclose that the results were mainly due to an unusual one-time gain rather than to operations. Trump Hotels consented to the SECs cease-and-desist order without admitting or denying the findings, said Reuters. SOURCE: Reuters
Previous ArticleSix Continents, Starwood Deal Off: Report
Next Article McInerney Makes AH&LA Changes