Sanmina Corporation (SANM)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Sanmina Corporation (“Sanmina” or “the Company”) (NASDAQ: SANM). Investors who purchased Sanmina securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Sanmina has violated federal securities laws.
On May 11, 2023, Sanmina disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) that “[d]uring the preparation of its unaudited consolidated financial statements for the fiscal quarter ended April 1, 2023, the Company determined that 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.” Accordingly, following “an independent investigation under the direction of the Audit Committee of the Company’s Board of Directors,” the Company had determined 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 (collectively, the ‘Affected Periods’).” Samina also disclosed that “[t]he associated interim periods for the Affected Periods were also impacted. Because these misstatements are material to the Affected Periods compared to the previously reported results of operations for such periods, on May 10, 2023, the Audit Committee concluded that the consolidated financial statements for the Affected Periods included in the Company’s Annual Reports on Form 10-K for the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022 and the unaudited condensed consolidated financial statements included in the Company’s Quarterly Reports on Form 10-Q for the quarterly fiscal periods included in such fiscal years and for the first fiscal quarter ended December 31, 2022 should no longer be relied upon.” On this news, Sanmina’s stock price fell $3.05 per share, or 5.7%, to close at $50.50 per share on May 12, 2023.
If you are aware of any facts relating to this investigation or purchased Sanmina shares, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.