Staffing Firm Volt Target of SEC Probe

Volt Information Sciences Inc. reported the Securities and Exchange Commission is conducting a private investigation into what the company believes is accounting matters.

The company is cooperating with the investigation, Volt reported. Although, it said “the company cannot predict or determine whether any proceeding may be instituted as a result of the investigation, the timing of the final outcome of the investigation or the effect that an adverse finding, if any, may have on it.”

Volt is presently in the process of restating financial statements because of errors that impacted the timing of recognition of revenue.

In July, the New York Stock Exchange gave the company an extension until Dec. 31  for the company to file its annual report for its last fiscal year.  

Filed by Staffing Industry Analysts, a sister company of Workforce Management. To comment, e-mail editors@workforce.com.

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