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DAKT.US

Daktronics Unexpected Going Concern Case

On December 6, 2022, Daktronics stated with the SEC that it would be unable to timely file its Quarterly Report for the period ended October 29, 2022, and that there is “substantial doubt” about the Company’s ability to continue as a going concern.
  • Daktronics also reported that it recorded a valuation allowance of approximately $13.0 million for deferred tax assets, which “created a covenant violation under our line of the credit agreement.”
  • The Company “also expects to conclude that its disclosure controls and procedures and internal control over financial reporting were not effective as a result of material weaknesses.”
On this news, Daktronics’ share dropped 39% and the Company lost over $59 million of its capitalization, thereby injuring investors.

Investors have reasons to suspect that the Company, its Leaders, and its Services providers could have committed gross negligence in the management of the Company and disclosure of information to shareholders.
Alleged Offence
Mismanagement
Financial Misrepresentation
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06 December 2022
Collecting participants…
Created by Stan Vick, Scout

Daktronics Inc

Daktronics, Inc. designs, manufactures, and markets electronic display systems and related products for sporting, commercial, and transportation applications in the United States and internationall...

    Ticker
    DAKT.US
    ISIN
    US2342641097
    CIK
    915779
    Sector
    Technology
    Industry
    Electronic Components
    Country
    USA
    Address
    201 Daktronics Drive, Brookings, SD, United States, 57006