The restating of accounts came about after Interpublic found that $68.5m (拢44.7m) in charges had not properly reported. Interpublic is also being investigated over its tax returns.
News of the latest lawsuits sent shares in Interpublic, owner of the McCann-Erickson advertising network and PR network Weber Shandwick, down yesterday by 2.67%, or 51 cents, to close at $18.61. Its share price was hit further by news that investment research company Zacks listed it as a "strong sell" in the face of current troubles.
The new suits come from Cauley Geller Bowman & Coats; Kirby McInerney & Squire; Bernstein Liebhard & Lifshitz; and Schiffrin & Barroway, and bring the number of suits from shareholders that Interpublic is currently facing to six.
All have been filed on behalf of shareholders who bought stock in the company between October 28, 1997 and August 13, 2002, and accuse Interpublic of artificially inflating its share price by issuing material misrepresentations.
John Dooner, CEO of Interpublic, has sought to assure investors that the $68.5m in charges will not have any impact on the company going forward.
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