Publishers Group West parent Advanced Marketing Services has received another thirty days from its banks in which to file its restated financial statements for the last five years.  AMS announced in January that it was restating its earnings (see 'PGW Parent Restates Earnings'), which was one of several recent defaults under its lending agreements.  All were related to the revelation that AMS had been giving clients inaccurate information about the circulation of its catalogues and magazines for a number of years; the SEC and U.S. Attorney are investigating. 

 

The feds and the banks aren't the only remaining hurdles for AMS.  Over a dozen class action suits have been filed on behalf of AMS shareholders, all related to the pending earnings restatement.