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Financial Times: Mattel’s CFO to Depart After Audit Errors FoundOctober 30, 2019
The Financial Times reported that O’Melveny handled an investigation into Barbie-maker Mattel’s internal auditing, which was prompted by a whistleblower complaint in August.
The investigation, led by O’Melveny and forensic accountants from FTI Consulting, found significant errors in the toymaker’s disclosed financial statements in the third quarter of 2017, the Financial Times noted. However, “there was no impact on the company’s full-year accounts, since expenses had been overstated by the same amount in the fourth quarter of 2017.”
The outcome of O’Melveny’s investigation received prominent news coverage by media outlets including Reuters, the Los Angeles Times, The Wall Street Journal, and CNBC.