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Article: Fleishman's woes in L.A. unlikely to garner much attention from its multinational parent.
- Article from:
- Los Angeles Business Journal
- Article date:
- February 7, 2005
- Author:
CopyrightCOPYRIGHT 2005 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Wall Street is not much interested in the overbilling scandal at Fleishman-Hillard's Los Angeles office. It involves, after all, only a few people from a single office of a single division of the global giant Omnicom Group Inc.--a company made up of hundreds of individual units.
Omnicom stock hit a 52-week high of $87.39 a share on Jan. 18, five days after John Stodder, a former Fleishman vice president, was indicted on charges that he fraudulently billed L.A.'s Department of Water & Power on a $3 million annual public relations contract.
A $3 million contract for a conglomerate with revenues expected to reach more than $10 billion this year is not a ...
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