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SANM.US
id: 1006

Sanmina Corporation (SANM) Unreliable Financial Statements Case

  • In May 2023, Sanmina (SANM) disclosed that its financial statements issued in the three consecutive fiscal years, should no longer be relied upon.
  • On it, $SANM fell 5%, losing $173M+ of shareholder value.
  • Investors may have grounds to suspect that Sanmina hid the problems in its accounting and reporting system, which led to their losses.
On May 11, 2023, Sanmina disclosed that a division within the Company had failed to properly substantiate and update some of the cost estimates, and that an independent investigation found that revenue and GAAP earnings per share was over/(understated in the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, and the first fiscal quarter ended December 31, 2022, respectively. Furthermore, the Company concluded that financial statements issued during the affected periods should no longer be relied upon.

On this news, $SANM fell 5% and lost over $173 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Sanmina failed to timely disclose its accounting and reporting setbacks, which led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
12 May 2023
Collecting participants…