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Stock Market & Financial Investment News

News Breaks
August 18, 2014
08:31 EDTFNFabrinet postpones Q4 earnings release due to audit committee investigation
Fabrinet announced that during the fourth quarter of the fiscal year ended June 27, certain accounting issues were discovered by management, which prompted the Audit Committee to commence an internal investigation. The Audit Committee is investigating whether there were any violations of the company’s accounting policies associated with these potential accounting matters. The company has also notified the SEC of the Audit Committee’s investigation. The Audit Committee has not reached any conclusion because the investigation is ongoing, and the company cannot predict the outcome of the investigation or when it will be completed. The company is also currently evaluating whether there may be any deficiencies with the company’s disclosure controls and procedures and internal control over financial reporting. As a result, the company is postponing its fourth quarter and fiscal year 2014 earnings release and conference call, which had been scheduled for August 18. Fabrinet will announce such results as soon as practicable following the completion of the Audit Committee’s investigation.
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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 Fabrinet’s 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 Fabrinet’s 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 Fabrinet’s 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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