Posted: Fri., Oct. 23, 1998

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Livent sets date for financial redux

Accounting missteps cause co. to release revised report

Livent Inc. said it expects to release restated financial results for the past couple of years by the second week in November, following its receipt Thursday of KPMG Peat Marwick's report on the company's financial records.

KPMG was hired by Livent in August to review the financial records after the company uncovered accounting irregularities inflating Livent's earnings by millions of dollars since 1996. The company's stock price has been suspended since then, awaiting release of the revised financial reports, while Livent vice chairman Garth Drabinsky has been suspended pending the results of the investigation.

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