Allegheny Delays Earnings, Cites Errors
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Allegheny Energy Co., whose shares plunged 84% this year amid a collapse in electricity trading, said it found accounting errors and will delay its third-quarter earnings report.
Accountants found “miscalculations” in second-quarter results filed with the Securities and Exchange Commission and errors in earlier periods, the company said. Allegheny, which owns utilities in five states, didn’t disclose what the errors were.
Shares of Allegheny, based in Hagerstown, Md., rose 17 cents to $5.78 on the New York Stock Exchange.
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