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Stock Market & Financial Investment News

News Breaks
May 6, 2014
06:34 EDTFNFabrinet downgraded to Hold from Buy at Needham
Needham downgraded Fabrinet following the Q3 report citing soft guidance.
News For FN From The Last 14 Days
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September 25, 2014
16:51 EDTFNFabrinet files to delay 10-K
Fabrinet announced that it is delaying the filing of its Annual Report on Form 10-K for the year ended June 27. Prior to the completion of Fabrinetís fiscal year 2014 financial results, Fabrinet discovered potential accounting violations with respect to consignment shipments and inventory. Subsequently and as previously disclosed, the Audit Committee of Fabrinetís Board of Directors began conducting an internal investigation concerning various accounting cut-off issues, specifically procedures surrounding consignment revenue and inventory. The investigation identified certain process weaknesses concerning shipments of goods to consignment and the need for certain remedial measures, including (1) process improvements, (2) personnel training regarding revenue recognition policies and inventory management techniques and their relevant accounting considerations, and (3) certain personnel actions. The Audit Committee provided these findings to Fabrinetís management. On September 10, 2014, Fabrinet filed with the SEC a Form 12b-25, Notification of Late Filing, with regard to its Form 10-K. At the time of filing, Fabrinet expected that it would be able to file its Form 10-K within the 15-day extension period provided by the form. However, Fabrinet recently determined that it requires additional time to file its Form 10-K because it is currently evaluating and discussing with its auditors its accounting practices concerning consignment goods. Fabrinet expects to file its Form 10-K by next week.

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