Nine Firms Fall Short of SEC Deadline

August 19, 2002 ( - Major US corporations managed quite a feat in getting their executive-certified financials to the Securities and Exchange Commission (SEC) last week - but there were exceptions.

Nine to be exact, according to a Reuters report which referenced postings on the SEC web site. 

Under an unprecedented SEC order to restore damaged investor confidence, chief executives and chief financial officers of 942 large firms have been required to certify their latest financial results – or explain why they couldn’t.

All in all, a remarkable 752 companies had done so by Friday, according to the SEC.  Most were filed as acceptable certifications, with about another 190 due over the coming weeks.  The nine firms cited in the “all others” category included some familiar faces:

  • WorldCom
  • Enron
  • Adelphia Communications

Another two have also found their way into headlines recently, including:

  • Dynergy – an energy trading firm currently under SEC investigation, and a one-time potential acquirer of Enron, which said it couldn’t yet vouch for its earnings due to a pending restatement
  • LTV – the bankrupt steel maker has been looking for a buyer, and has dumped its pension obligations on the PBGC in recent weeks

The remaining four are:

  • ACT Manufacturing – a Massachusetts-based electronics manufacturer, also currently in bankruptcy
  • Alaska Air Group – a Seattle-based airline
  • Adams Resources & Energy – a small Texas-based oil and gas concern, which said it was responding to an SEC inquiry on its 2001 annual report and 2002 Q1 reporting, and would certify once that inquiry was resolved
  • TruServ – a Chicago-based hardware wholesaler cooperative.