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The late reporting just keeps piling up as banks work to restate income and cash flows. Fremont Investment & Loan stock got hammered (down 20%) after it reported it will file earnings late. This time it’s Impac who said in thier late-filing statement:
On February 23, 2006, Impac Mortgage Holdings, Inc. (the “Company�) filed a Form 8-K reporting that certain amounts in the 2005 and 2004 Consolidated Statements of Cash Flows are being restated to properly reflect specific intercompany cash receipts from loan sales and cash disbursements for loan purchases between consolidated companies. In connection with the restatement, management has identified a material weakness related to the design and maintenance of adequate controls over the preparation, review, presentation and disclosure of amounts included in the Company’s Consolidated Statements of Cash Flows.
I’m sure Wall Street won’t like this one either. Impac (down 10% today) is a big Alt-A lender showing that the weakness continues to spread through the marketplace.
