Still in the Red, Edison Now Hit With Case of 'Enron-itis'
The last thing any company wants these days is to have Enron-style concerns raised over its accounting practices. Last week, Edison Schools Inc. learned just how sensitive Wall Street is to the issue: The school management company's stock plunged 11 percent after a report raised questions about how it adds up its revenues.
Bloomberg News, a financial-news service, published a report Feb. 13 that raised doubts about whether $96 million in revenues claimed by Edison last year belongs on its books. Edison executives called the report "irresponsible" and defended their company's...
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