LKKRF - Lookers: Its Accounting Problems Worsen Again

U.K. car dealer Lookers plc (LKKRF) has delayed its results again and extended its probe into historical financial misstatements. While that sounds like bad news for the company, I actually think that it is probably not bad news for the already bombed out shares, since the impact will likely be non-financial.

Background: Lookers' Financial Woes This Year

Lookers is a leading car dealership in the U.K. In March it announced that the publication of its 2019 results would be delayed following the identification of potentially fraudulent transactions in one of its divisions.

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