Jim Cramer celebrates five years on air with an SEC investigation of TheStreet


While the Morning Joe team sang the praises of one Jim Cramer, while cutting into time they could have been interviewing Chris Dodd concerning financial regulation reform…

…reality was setting:

Seek and ye shall find. Never has this been more true than combing through theStreet’s (extremely spares) financials. As investors may have been digging through the company’s SEC reports to find out just what the financial website’s unadjusted EBITDA is (hint: much, much less than its “adjusted” cousin), one stumbles upon this gem just filed in today’s Form 12B-25:

As a result of the need for the Company and its independent registered public accounting firm to focus attention on matters related to the Company’s previously-announced review of the accounting in its former Promotions.com subsidiary, which subsidiary the Company sold in December 2009 — including matters related to the preparation and filing by the Company in February 2010 of a Form 10-K/A for the year ended December 31, 2008, a Form 10-Q/A for the quarter ended March 31, 2009 and Forms 10-Q for the quarters ended June 30, 2009 and September 30, 2009, respectively, and matters related to an investigation commenced by Securities and Exchange Commission in March 2010 — the Company requires additional time to prepare its financial statements, assess its internal controls and file its Form 10-K for the year ended December 31, 2009 (“2009 Form 10-K”).

via Jim Cramer’s TheStreet Is Being Investigated By The SEC | zero hedge.

Mad Money, indeed.