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Hollysys Automation (HOLI) Late Reporting and Change of Auditors Case
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- In Nov 2021, Hollysys notified SEC of late annual report filing and replacement of independent auditor.
- On it, $HOLI fell 29%, losing $352M+ of shareholder value.
- Investors may have grounds to suspect Hollysys of problems with its accounting and reporting systems.
On November 2, 2021, Hollysys notified the SEC of delay in filing its annual report for the period ended June 30, 2021 because of a “delay in collecting supporting documents and information.” The Company also stated that it had replaced Ernst & Young Hua Ming LLP as its independent auditor.
On this news, $HOLI fell 29% and lost over $352 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Hollysys Automation and its executives failed to maintain adequate accounting and reporting systems, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
03 November 2021