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MaxWorldwide, Inc., formerly L90, will delay releasing its second quarter financial results and will likely restate some of its previous reports.

The company, which specializes in online advertising sales and traditional direct marketing, said that its new independent auditor, PricewaterhouseCoopers LLP, had "discovered misclassifications of certain research and development expenses" from previous periods. MaxWorldwide said the company’s previously stated net income would not be affected.

"The real issue here is that Pricewaterhouse Coopers didn’t like the way [former MaxWorldwide auditor] Arthur Andersen had done it," a corporate spokeswoman said. The research and development expenses likely stemmed from either new list or ad delivery products, she continued.

Whether R&D expenses are amortized over a period of several years, or listed within the year they are incurred, has been a source of confusion within accountancy. The spokeswoman did not comment on whether this was the case at MaxWorldwide.

According to the New York-based firm, before its current financial statements can be released, a restatement of its previous operating results will need to be completed before it can release its current results.