FNN Discloses Losses: Financial News Network Inc.,...

FNN Discloses Losses: Financial News Network Inc., which has been embroiled in a financial controversy since October, said it expects to report a $72.5-million loss for fiscal 1990. The company has been unable to report its financial results for the fiscal year ended June 30 because it replaced its auditing firm in a controversy over how FNN was reporting a $28-million investment in a new service. FNN said its auditors had “substantially completed their examination” and it expects to file audited financial statements with the Securities and Exchange Commission in early December.