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Citing problems with an Oracle ERP implementation, internet retailer Overstock.com Inc. recently announced that it is restating its financial results for a five-and-a-half-year period.
The company blamed itself, not Oracle Corp., for the problems. Oracle declined to comment.
"Our first commandment is 'maintain a bulletproof balance sheet,' but while the spirit is strong, the flesh made a mistake," Overstock CEO Patrick Byrne said in an Oct. 24 letter to shareholders.
He said Overstock personnel made mistakes during the installation of the Oracle ERP software. "We didn't hook up some of the accounting wiring" and then tried to fix the problems manually, Byrne said. "We've since found that these manual fixes missed a few of the unhooked wires."
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