Hillshire Brands Already Facing Accounting Irregularities & Restatement


24/7 Wall St.

The Hillshire Brands Company (NYSE: HSH) saw its trading halted today and it did not appear to be due to the trading issues affecting so many NYSE-listed shares.  This is not the sort of news that investors want to see in a relatively new company name after a reorganization and name change.

The company issued a press release saying that it has responded to D.E MASTER BLENDERS 1753 N.V.’s announcement today that it has identified accounting irregularities and other adjustments within its Brazilian operations. D.E MASTER BLENDERS and its Brazilian operations were previously part of Sara Lee Corporation, the predecessor company to Hillshire Brands, and were spun off from Sara Lee before the end of fiscal year 2012.  The announcement stated that the required adjustments are expected to reduce its shareholders’ equity by approximately €85-95 million and result in a charge to its fiscal 2012 net results of approximately…

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