ATLANTA - The SEC will begin investigating the accounting practices at energy firm Mirant. <br>
<br>
The Atlanta trader and marketing company acknowledged it may have overstated the value of certain assets and a liability in 2001 in its quarterly earnings report last week. The SEC will launch an informal inquiry into the mistakes. <br>
<br>
The accounting overstatement related to a debt of $100 million. Eighty-five million of that was in natural gas inventory and $68 million was money the company expected to collect. <br>
<br>
Mirant says Monday the review was expected and that they will cooperate fully. <br>
<br>
Mirant lowered its financial targets for next year because of ongoing upheaval in the energy sector and outlined steps it would take to bolster its balance sheet. <br>
<br>
Investors responded nervously to the news. Shares on the New York Stock Exchange are down 13 percent, to $3.03.
