SEC Reviewing Independence of Pinnacle Hldgs' Accountant
Dow Jones News (08/07/00) Vol. 190, No. 2 p.84; Grant, Robert L.

Pinnacle Holdings has come under the scrutiny of the Securities and Exchange Commission (SEC) because of its relationship with KPMG and PricewaterhouseCoopers. The nonpublic, informal inquiry addresses the independence of the auditors, which the Sarasota, Fla.-based real estate investment trust believes comes as a result of non-audit services provided by KPMG and PricewaterhouseCoopers, and accounting issues involving its acquisition of the North American antenna site business of Motorola. Although the two accountants stated in a filing Monday with the SEC that they are independent, Pinnacle might have to hire another accountant to re-audit the previous years' financial statements if the SEC says they were not independent.

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