Latest news with #financialrestatement
Yahoo
27-06-2025
- Business
- Yahoo
Compass Diversified Provides an Update on its Financial Statements Amid the Ongoing Investigation into Lugano Holding, Inc.
WESTPORT, Conn., June 25, 2025 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE: CODI) ('CODI') today disclosed non-reliance on its financial statements for fiscal years 2022 and 2023 amid an ongoing investigation into its subsidiary Lugano Holding, Inc. ('Lugano'). This follows CODI's May 7 disclosure concerning non-reliance on its 2024 financial statements. As previously disclosed, the investigation has preliminarily identified irregularities in Lugano's financing, accounting, and inventory practices. CODI is focused on completing the investigation, which is progressing in line with expectations, and actively working to finalize the necessary financial restatements. Importantly, the investigation is focused on Lugano and does not involve any of CODI's other subsidiaries. 'We remain confident in the performance and integrity of CODI's eight other subsidiary companies, all of which continue to operate normally, have strong balance sheets, and collectively generate substantial cash flow,' said Elias Sabo, CEO of CODI. 'We have ample liquidity and significant access to capital via our revolving credit facility. We continue to work constructively with our banking partners and bondholders to ensure flexibility and stability as we move forward. Our primary focus remains on maximizing long-term value for all stakeholders.' CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, CODI's expectations as to the timing and outcome of the Lugano investigation, CODI's credit availability and future liquidity, actions taken in response to the outcome of the investigation, the future performance of Lugano and CODI's other subsidiaries, the filing or delay of CODI's periodic reports, and the amount of any potential misstatements associated with Lugano and the impact any such misstatements may have on CODI's previously issued financial statements or results of operations. Such forward looking statements may be identified by, among other things, the use of forward-looking terminology such as 'believe,' 'expect,' 'may,' 'could,' 'would,' 'plan,' 'intend,' 'estimate,' 'predict,' 'potential,' 'continue,' 'should' or 'anticipate' or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on beliefs and assumptions by the Board of Directors and management, and on information currently available to CODI's Board of Directors and management. These statements involve risk and uncertainties that could cause CODI's actual results and outcomes to differ, perhaps materially, including but not limited to: the discovery of additional information relevant to the investigation; the conclusions (and timing of those conclusions) concerning matters relating to the investigation; the timing of the review by, and the conclusions of, Grant Thornton regarding the investigation and CODI's financial statements; a further material delay in CODI's financial reporting or ability to hold an annual meeting of stockholders; the impacts of restatement reviews; the likelihood that the control deficiencies identified or that may be identified in the future will result in material weaknesses in CODI's internal control over financial reporting; and commercial litigation relating to the investigation, including CODI's representations regarding its financial statements, and the possibility of future litigation or investigation relating to CODI's internal controls, restatement reviews, the investigation, or related matters. Please see CODI's Annual Report on Form 10-K for the year ended December 31, 2024 for other risk factors that you should consider in connection with such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements have been made. Except as required by law CODI does not undertake any public obligation to update any forward-looking statements to reflect events, circumstances, or new information after the date of this press release, or to reflect the occurrence of unanticipated events. Investor Relations Compass Diversified irinquiry@
Reuters
20-06-2025
- Business
- Reuters
UK's Thames Water may be required to restate accounts, FT reports
June 20 (Reuters) - Britain's Thames Water may be forced to restate its financial accounts for the year ending March 2024, the Financial Times reported on Friday, in another possible setback for the struggling utility as it attempts to avoid nationalisation. Thames Water is trying to understand the consequences of having to restate key figures in its accounts published last year, the report added, citing documents it had seen. Reuters could not immediately verify the report.
Irish Times
08-05-2025
- Business
- Irish Times
C&C's accounting errors under the microscope
A subsidiary of drinks group C&C has just filed an interesting set of accounts that sheds further light on the accounting fiasco that engulfed the Bulmers Irish Cider maker last year. The imbroglio compelled the group to restate three years of earnings due to errors and led to the resignation of chief executive Patrick McMahon in June 2024. Having taken on the role in 2023, the former chief financial officer barely had his feet under the desk when the group acknowledged the errors publicly and announced his departure. Will DoorDash takeover of Deliveroo mean better pay and conditions for gig economy workers? Listen | 28:33 Tennents NI is a distribution company in the group that also produces and markets well-known brands like Tennent's, Magners Irish Cider and Five Lamps. In 2023, the company overstated its operating profits by almost £250,000 (€290,000), according to a note in its latest set of accounts. The restated figure in the 2024 accounts is just over £2.3 million compared with some £2.57 million in the previous, inaccurate financial statements. The value of the company's stocks was also overstated to the tune of £455,000 in the 2023 filings, according to the note, 'due to the incorrect treatment applied to the inventory of branded glassware'. Tennents NI also understated its 2023 operating expenses by a sizeable £7 million due to 'errors' related to the 'classification of excise duty payments'. Turnover, meanwhile, was understated by a more modest £52,000 in 2023, the correct figure being £61.2 million. READ MORE Overall, C&C said last year the errors cost the group €11 million in adjustment charges related to its 2021, 2022 and 2023 financial statements. [ C&C plunges after chief executive quits amid accounting errors Opens in new window ] Bruising though the scandal was, C&C's new chief executive, Roger White, is grappling with more pressing matters currently. In March, just two months after his appointment, the group cut its full-year earnings guidance, largely due to softer cider sales in Britain. It now expects to report underlying earnings in the range of €76 million to €78 million for the year ended February 28th 2025, below targets due to softer trading in January and February. Consequently, C&C's share price is down by about 1.2 per cent this year and more than 13 per cent over the past 12 months. The group's full-year results, due on May 28th, are keenly awaited, it's safe to say.
