Brief: FXCM says discovered financial statement errors - SEC Filing

Global Brokerage

18/11/2016 20:01

Nov 18 (Reuters) - FXCM Inc  FXCM.O : 
    * Total stockholders' deficit of Company was overstated by 
$43.9 million as of September 30, 2016 - SEC Filing 
    * Audit Committee of Board concluded that previously issued 
financial statements as of Sept 30 should no longer be relied 
upon 
    * Management identified a material weakness in Company s 
internal control over financial reporting 
    * In accounting for non-controlling interest in group issued 
during Q3, effective controls were not maintained over 
allocation of net assets of group 
    * Discovered financial statement errors attributable to 
overstatement of redeemable non-controlling interest of $43.9 
million as of September 30 
    * Overstatement result of error in determining initial 
values of controlling & non-controlling membership interests in 
FXCM Group as of Sept 1, 2016 
 
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Further company coverage:  FXCM.O  
 
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