Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
As previously disclosed on a Current Report on Form 8-K furnished by
After further analysis and discussion with the Company's management, board of
directors and in consultation with the Company's independent registered public
accounting firm, the Company has determined that it will instead restate the
previously filed financial statements for the fiscal year ended
As disclosed in the Previous 8-K, the errors and the required restatements had
no effect on the Company's results of operations or earnings (loss) per share or
other items in the consolidated statement of operations for the years ended
Further, the effect of the errors is expected to be an overstatement of net
sales and cost of sales in the consolidated statement of operations in the
following amounts and for the following reporting periods: (i) approximately
The Company's management and the Audit Committee have discussed the matters
disclosed in this Current Report on Form 8-K pursuant to this Item 4.02 with
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K 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. All statements, other
than statements of historical fact, included or incorporated in this Current
Report on Form 8-K are forward-looking statements. The words "believes,"
"anticipates," "estimates," "plans," "expects," "intends," "may," "could,"
"should," "potential," "likely," "projects," "continue," "will," and "would" and
similar expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying words.
These forward-looking statements include, among others, those statements
regarding the Company's expectations as to the causes of the errors described
above, the scope and impact of the errors described above, the Company's plans
to amend its previously filed Annual Report on Form 10-K and Quarterly Reports
on Form 10-Q and restated financial statements and other disclosures contained
therein and the timing of such amendment, the timing of the filing of the Annual
Report on Form 10-K for the year ended
These forward-looking statements involve risks and uncertainties, and actual results could vary materially from these forward-looking statements. Factors that may cause future results to differ materially from the Company's current expectations include, among other things, the timing and nature of the resolution of the issues discussed in this Current Report on Form 8-K, any delay in the filing of required periodic reports, the timing and results of the Company's review of the effectiveness of internal control over financial reporting and related disclosure controls and procedures, whether a restatement of financial results will be required for other accounting issues, adverse effects on the Company's business related to the disclosures made in this Current Report on Form 8-K or the reactions of customers or suppliers, the initiation of new legal proceedings, and volatility of the Company's stock price.
The Company does not guarantee that it will actually achieve the plans,
intentions or expectations disclosed in its forward-looking statements and you
should not place undue reliance on the Company's forward-looking statements.
There are a number of important factors that could cause the Company's actual
results to differ materially from those indicated or implied by its
forward-looking statements, including those important factors set forth under
the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the
period ended
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