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LaBranche finds Sarbanes Oxley reporting problems

LaBranche finds Sarbanes Oxley reporting problems

by Rick Turoczy on November 12, 2004

LaBranche & Co., the biggest market maker on the New York Stock Exchange, said Thursday it found possibly significant problems in its compliance with the Sarbanes-Oxley Act of 2002 governing financial reporting. Shares of LaBranche gained about 1.4 percent in midday trading on the New York Stock Exchange.

In its quarterly report filed this week with the U.S. Securities and Exchange Commission, New York-based LaBranche said the “potential significant deficiencies” involved its reliance on information provided by third-party vendors.

The company said it is implementing internal controls to independently verify and reconcile the trading reports.

LaBranche finds Sarbanes Oxley reporting problems

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