SAN FRANCISCO, CA / ACCESSWIRE / May 24, 2023 / Hagens Berman urges Sanmina Corporation (NASDAQ:SANM) investors who suffered substantial losses to submit your losses now.
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Sanmina Corporation (SANM) Investigation:
The investigation focuses on the propriety of Sanmina's accounting and the effectiveness of its internal controls over financial reporting.
On May 11, 2023, Sanmina announced that investors should no longer rely on its financial statements for the fiscal years ended Oct. 3, 2020, Oct. 2, 2021, and Oct. 1, 2022, and for the quarterly periods included in such fiscal years as well as for the quarter ended Dec. 31, 2022.
The company explained that it materially overstated revenues by millions of dollars within its Components, Products and Services division.
Sanmina also revealed that (1) "certain personnel in the division had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts" and (2) "the division's tone at the top and other control weaknesses enabled participants in the quarterly contract estimate review process to tolerate, place undue reliance on or otherwise fail to challenge unsupported adjustments and assumptions to contract cost estimates that had been made based on unsubstantiated optimism and/or a desire to avoid adverse outcomes."
This news drove the price of Sanmina shares sharply lower on May 12, 2023.
"We're focused on investors' losses and whether Sanmina intentionally cooked its books," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Sanmina and have substantial losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sanmina should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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Contact:
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP