Visteon Reviews Financial Results
Car parts maker Visteon Corp, is to delay publishing its first-quarter earnings report while it sifts through financial records that it suspects might be bogus. The Michigan based company identified errors in costs relating to freight and material surcharges, raising questions about possible “improper conduct by a former senior finance employee” charged with overseeing North American purchasing.
The company reports that up to $31 million in first quarter charges published in first quarter results may need to be restated. Visteon said that its ongoing discussions with former parent company, Ford, won’t be affected by the news.