ADTRAN Holdings, Inc. announced on May 13, 2025, that its Audit Committee concluded that the audited consolidated financial statements for the years ended December 31, 2024 and 2023, and unaudited interim periods for fiscal 2024, should no longer be relied upon. This decision follows an inventory adjustment identified by its subsidiary, Adtran Networks SE, which increased its 2024 loss by €5.7 million.
The company's management is evaluating the impact on internal control over financial reporting as of December 31, 2024, and has identified at least one additional material weakness. As a result, ADTRAN Holdings plans to restate the financial statements for these periods as soon as practicable.
Consequently, the 2025 annual meeting of stockholders, originally scheduled for May 14, 2025, has been postponed to allow additional time to complete the restatement process and provide stockholders with ample time to review the revised financial statements. The company expects to file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, on or before May 19, 2025, and does not expect the restatements to materially change the financials presented in the preliminary Q1 2025 earnings release.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.