CSX Corp. said in its third-quarter report that the Securities and Exchange Commission sent the company a subpoena requesting information related to an accounting restatement disclosed in its second-quarter report.
The Jacksonville-based railroad company’s second-quarter report filed with the SEC on Aug. 5 said it completed a review of its accounting treatment for engineering scrap and certain engineering support labor and identified misstatements in previous financial report.
“The Company determined the impacts of these misstatements were immaterial to the financial statements for all prior periods identified. For comparative purposes, the Company has made corrections to the consolidated financial statements and applicable notes for the prior periods presented in this Form 10-Q,” that report said.
The third-quarter report filed Oct. 17 said it received the subpoena about the restatement this month.
“The Company has also been responding to information requests by the SEC related to certain of the Company’s non-financial performance metrics. The Company is cooperating with the SEC and providing information responsive to these requests,” the third-quarter report said.
“While the Company believes its reporting complied with applicable requirements in all material respects, the Company cannot anticipate the timing, scope, outcome or possible impact of the investigation, financial or otherwise,” it said.