BOSTON (Reuters) - Investment news website TheStreet.com Inc said on Wednesday the U.S. Securities and Exchange Commission was investigating the company over the way it recorded revenue at a former subsidiary.
The company, founded by television personality and former hedge fund manager Jim Cramer, made the announcement in a form it sent to the SEC in which it asked for more time to prepare its financial statements.
The probe relates to how revenue was recorded at an online promotions subsidiary called Promotions.com, which TheStreet.com sold in December.
A spokesman for TheStreet.com declined to comment.
Website Zerohedge.com first reported the news.
The probe arose after the company announced on January 25 that it was restating its financial results for 2008 and 2009 due to “certain inaccuracies” at the Promotions.com unit.
Reporting by Svea Herbst-Bayliss and Aaron Pressman; editing by Andre Grenon and Ted Kerr