http://www.reuters.com/article/marketsNews/idUKWEN301920071217?rpc=44
NEW YORK, Dec 17 (Reuters) - Solar wafer maker LDK Solar Co (LDK.N: Quote, Profile, Research) on Monday said its audit committee had completed an investigation into the company's silicon inventory accounting, and found no material errors.
The investigation came as a result of inventory discrepancy allegations made by a former employee, but the company said the employee had not taken into account all the locations where it stores its silicon feedstock.
The company said the investigation found no material errors in its previously reported silicon inventories as of August 31, 2007.
LDK said in October that the U.S. Securities and Exchange Commission had launched an inquiry into its inventory accounting, but did not say on Monday what the status of that inquiry was.
The company said the investigation was conducted by the two outside directors on its audit committee, the audit committee's independent counsel, Simpson Thacher & Bartlett LLP, by a 'Big Four' accounting firm, and independent silicon feedstock experts. (Reporting by Emily Chasan; Editing by Quentin Bryar)
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