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June 11, 1999 | From Bloomberg News Inc. is facing more delays with its ambitious plans to set up an Internet auction site to compete with EBay Inc. and others, an executive said Thursday. The Irvine company's auction site, which had been scheduled to debut by the end of the month, won't be operational until the fourth quarter, said Mark Rosenberg, the company's vice president for marketing and sales. Previously, 2TheMart said the Web site, which is being developed by IBM Corp.'s Global Services unit, would begin operating by June 30. 2TheMart delayed the opening while it spends more money to make sure the site can handle "high volumes of transactions," said Rosenberg, who was hired a month ago from IBM. The company is paying IBM $9.5 million to develop the site, up from $4 million.
July 1, 1998
Harrison Digicom Inc. said Tuesday it has ordered a re-audit of its 1995 and 1996 financial statements due to concerns that reports from its former auditor in Vietnam may not be genuine. The Costa Mesa company said it has hired Deloitte & Touche's Vietnam affiliate to audit the company's financial statements for fiscal years 1995, 1996 and 1997. Deloitte & Touche alerted the company to its concerns about the 1995 and 1996 statements.
March 12, 1990 | From United Press International
Union Bank Wins $5-Million Court Award: Accounting firm Arthur Young & Co. (now known as Ernst & Young) was ordered Thursday to pay $5 million to Union Bank of San Francisco for negligence in preparing financial statements on a Los Angeles company. An Orange County Superior Court jury in Santa Ana found the financial statements for Small World Greetings were inadequate and faulted the bank for sloppy lending practices. (Filed May 17, 1988; Case No. X557156)
June 1, 1994
IDB Communications Group Inc. Auditor Quits: The company said Deloitte & Touche resigned after the accounting firm "questioned various adjustments" in IDB's first-quarter financial statements. IDB, a fast-growing Los Angeles-based telecommunications firm, is headed by Jeffrey P. Sudikoff, who recently joined with entertainment industry executive Joseph Cohen to buy a 72% stake in the L.A. Kings from financially troubled owner Bruce McNall.
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