TransUnion to restate financials, after discovering 'computational error' and 'material weakness' in financial reporting

TransUnion (TRU), one of the nation's major credit-score and credit-report providers, said on Monday that it would restate financials through nine months of last year after discovering an error related to a segment in the U.K. and a "material weakness" in its accounting protocols. The company, in a filing, said that financial statements in a quarterly report in October for the three- and nine-month periods ending Sept. 30, 2023 were "materially misstated and should no longer be relied upon." TransUnion said the mistake involved "an overstatement of approximately $80 million to the non-cash goodwill impairment that was reported within our consolidated statements of income and balance sheet," and stemmed from a "computational error" related to translating U.S. dollar values. The company said it would provide more information about the "material weakness" and steps to correct it in an amended filing. Shares fell 0.8% after hours.

-Bill Peters

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01-08-24 1821ET

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