18 Oct 2012
Google has accused financial printing company PR Donnelley for releasing it quarterly earnings without approval and prematurely.
“Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization. We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30 PM PT.”, Google said in a statement.
Soon after the blunder was discovered, the search engine giant’s shares plunged on Thursday. The inadvertently released report revealed that the profits were down by 20 percent. Trading of Google’s stocks were halted and the shares dropped by nine percent.
The printing company PR Donnelley’s shares too fell by 5% and the company said it would launch an investigation to determine how the “blunder happened”
The company did not mention anything on its website about the blunder but posted a news item to state that the company, PR Donnelley has been awarded $ 25 million multi-year agreement by Parke-Bell Ltd, Inc.
“RR Donnelley (Nasdaq:RRD) is a global provider of integrated communications. The company works collaboratively with more than 60,000 customers worldwide to develop custom communications solutions that reduce costs, drive top-line growth, enhance ROI and ensure compliance. Drawing on a range of proprietary and commercially available digital and conventional technologies deployed across four continents, the company employs a suite of leading Internet based capabilities and other resources to provide premedia, printing, logistics and business process outsourcing services to clients in virtually every private and public sector”, the company posted on its site.
Google’s earning report is scheduled to be released at 4.30pm on Thursday.
“Earlier this morning RR Donnelley, the financial printer, informed us that they had filed our draft 8K earnings statement without authorization. We have ceased trading on NASDAQ while we work to finalize the document. Once it’s finalized we will release our earnings, resume trading on NASDAQ and hold our earnings call as normal at 1:30 PM PT.”, Google said in a statement.
Soon after the blunder was discovered, the search engine giant’s shares plunged on Thursday. The inadvertently released report revealed that the profits were down by 20 percent. Trading of Google’s stocks were halted and the shares dropped by nine percent.
The printing company PR Donnelley’s shares too fell by 5% and the company said it would launch an investigation to determine how the “blunder happened”
The company did not mention anything on its website about the blunder but posted a news item to state that the company, PR Donnelley has been awarded $ 25 million multi-year agreement by Parke-Bell Ltd, Inc.
“RR Donnelley (Nasdaq:RRD) is a global provider of integrated communications. The company works collaboratively with more than 60,000 customers worldwide to develop custom communications solutions that reduce costs, drive top-line growth, enhance ROI and ensure compliance. Drawing on a range of proprietary and commercially available digital and conventional technologies deployed across four continents, the company employs a suite of leading Internet based capabilities and other resources to provide premedia, printing, logistics and business process outsourcing services to clients in virtually every private and public sector”, the company posted on its site.
Google’s earning report is scheduled to be released at 4.30pm on Thursday.
0 comments:
Post a Comment