The US Securities & Exchange Commission has launched an informal inquiry into accounting and financial reporting practices at JLG Industries Inc.

The inquiry relates to JLG's restatement of its audited financial statements for the fiscal year ended July 31 and, possibly, for the quarter ended October 31 (Forkliftaction Newsletter #145).

JLG disclosed the restatement on February 18 and opened the door for additional scrutiny.

Standard & Poor's Ratings Services said on February 20 that it had placed JLG's BB- corporate credit, BB senior secured debt and other ratings on a Credit Watch listing with negative implications.

Notice about the SEC inquiry was circulated on February 27 after New York Stock Exchange trading closed for the day.

JLG intends to delay issuing its financial report for the second quarter ended January 31. For the previous fiscal year's comparable quarter, that report was issued on February 24, 2003.