Two years after accounting issues were discovered, comScore released re-audited financial data that shows the company had big losses over the past three years.
The company has gone through two CEO and control has shirted to activist shareholder Starboard Value. But now the company says it is ready to focus on its measurement business and serving clients.
"The completion of our restatement process and the filing of current financials is an important step for our company as it allows us to move forward and focus our full attention on delivering on the vast potential of our business,” Bill Livek, executive vice chairman and president of comScore, said in a statement.
“On behalf of the Board, I'd like to thank our investors, customers and employees for their patience during this process, and assure them that, as a result of this process, we are significantly improving our accounting policies and procedures as we also constantly reinforce ethical compliance throughout our organization,” Livek said. “With these matters behind us, we are confident that our strong assets, market-leading technologies and excellent team will enable us to deliver improved services to our customers, stay ahead of our competitors and deliver long-term value to our stockholders."
comScore said it lost $281.4 million in 2017. That’s double the $117.2 million loss it racked up in 2016 and much bigger than the $78.2 million loss in 2016.
Read more at B&C.