TeleTech sinks 21% after restating 12 years of financials, lowering outlook

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Outsourcing firm TeleTech Holdings Inc. (Nasdaq:TTEC) is down more than 21% today after the company on Wednesday restated 12 years of financials to show it had under-reported the value of stock-based compensation by $59.7 million. TeleTech submitted amended financial reports to the U.S. Securities and Exchange Commission. The filings were the result of a voluntary and independent review, the Englewood, Colo.-based company said.

“The review did identify, among other things, certain mistakes that were made in TeleTech's accounting for equity-based compensation from the Company's IPO in 1996 through August 2007 that required restatement of historic financial statement,” the company said in a statement. “The cumulative, non-cash expense recorded as part of the restatement for equity-based compensation expense was $59.7 million on a pre-tax basis. The majority of these adjustments affected periods prior to 2001.”

TeleTech also lowered its full-year outlook based on a weak global economy.  

In today’s trading, shares of TeleTech are at $14.11 at 1:21 p.m. ET, down $3.79 from Wednesday’s close. Trading volume is more than 17 times the average at about 9.8 million shares.

For detailed price information and recent news stories about TeleTech Holdings Inc., click TTEC.