Media giant discloses more problems

Thursday, Aug. 15, 2002 | 11:22 a.m.

NEW YORK -- Racing against a Securities and Exchange Commission deadline, Richard D. Parsons, the chief executive of AOL Time Warner, certified the company's financial results late Wednesday afternoon but with the disclosure that its AOL division might have inflated revenue by $49 million in a period from the fall 2000 through the summer 2002.

A spokesman said none of the transactions had been previously reported in the news media.

Regulators are already investigating previously disclosed unconventional transactions, including some involving technology company PurchasePro of Las Vegas. And PurchasePro itself is the subject of a Securities and Exchange Commission inquiry.

archive