INVESTIGATION ACTION NOTICE: The Schall Law Firm Announces it is Investigating Claims Against Sanmina Corporation and Encourages Investors with Losses to Contact the Firm
News provided byACCESSWIRE
May 26, 2023, 9:50 PM ET
LOS ANGELES, CA / ACCESSWIRE / May 26, 2023 / The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Sanmina Corporation ("Sanmina" or "the Company") (NASDAQ:SANM) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Sanmina disclosed on May 11, 2023, that "certain personnel in a division within the Company's Components, Products and Services business had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts." The Company also admitted that an independent investigation found that "revenue was over/(understated) by approximately $10.2 million, $18.3 million, ($29.1 million), and $5.6 million, and GAAP earnings per share was over/(understated) by approximately $0.09, $0.29, $0.25, and ($0.06) 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." The Company also added that its financial statements from the affected periods could not be relied on. Based on this news, shares of Sanmina fell by 5.7% on May 12, 2023.
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SOURCE: The Schall Law Firm
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