- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-08-17T19:34:00
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
The furniture retailer confirmed its financial statements for the fiscal year ended Jan. 29, 2023, and the quarter ended April 30, 2023, should no longer be relied upon as part of its regulatory filing Wednesday. The company said it is working to complete the restatements and expects to file the amended forms following the completion of its analysis.
Shareholder rights law firms were quick to announce investigations into the company after its share price fell 8 percent during after-hours trading Wednesday.
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Diversified holding company Ault Alliance agreed to pay $700,000 as part of a settlement with the Securities and Exchange Commission addressing allegations of misleading disclosures and reporting violations.
Home security company ADT said it will restate several of its recent financial statements after discovering errors in its calculation of goodwill impairment losses at its solar reporting unit.
Future FinTech Group agreed to pay $1.65 million to settle charges levied by the Securities and Exchange Commission for filing materially inaccurate annual reports and failing to maintain adequate books, records, and internal control over financial reporting.
Chinese authorities banned PwC’s Chinese unit from performing audits in the country for six months, labeling the subsidiary’s flawed audit work as complicit in the failure of giant property developer Evergrande.
Erica Williams was reappointed to a second term as chair of the Public Company Accounting Oversight Board after an ambitious first three years in the role that have seen the agency work to update many of its standards deemed outdated.
Software company Autodesk said it won’t restate several years of financial statements following an audit committee investigation into potential accounting misconduct.
