Shares in US food retailer and distributor Nash Finch surged yesterday [Wednesday] after it revealed that the Securities and Exchange Commission said it would not object to the company’s accounting of certain charges.
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The ruling was not, however, a complete exoneration for Nash Finch, which has seen its stock dive since October when the SEC announced it was to launch an enquiry into the company’s accounting practices, reported the Associated Press.
Nash Finch said the SEC was continuing to look into how the company accounted for certain administrative charges it assessed on supplier discounts.
The company’s CEO Ron Marshall said the SEC’s decision was “a very positive step in the process of bringing eventual positive resolution to all these issues.”
Marshall said the company hoped to soon release its third quarter and fourth quarter results, which had been delayed while the investigation was carried out.
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