NORTH CANTON, Ohio — According to media reports, the Securities and Exchange Commission appears to have upgraded a preliminary look into accounting practices at ATM manufacturer Diebold.
The clue came in a quarterly report released on August 7, which said that SEC has begun a formal investigation into how the company recognizes revenue.
In its quarterly report, Diebold said the SEC converted its probe from an informal inquiry, which Diebold had disclosed in May. Diebold said it was continuing to cooperate with the SEC.
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Neither Diebold nor the SEC returned calls on the matter as of press time.
The company has been undergoing a restructuring program over the last year.
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