Investors appear unphased by Salix Pharmaceuticals announcement late Wednesday that it will restate its earnings for 2013 and the first three quarters of 2014.
The company’s stock was up more than 5 percent in early trading Thursday.
Salix said the cumulative affect of correcting the errors in its earlier financial statements will reduce its reported net revenue and net income over that period by about $20.7 million and $11.9 million, respectively.
An audit committee that included members of Salix’s Board of Directors, in consultation with outside advisers, made the determination to the restate the Raleigh company’s earnings.
The committee began reviewing Salix’s accounting practices after the company admitted in November that it had been overstating the inventory levels of several of its drugs.