|Company Name||Sanmina Corporation|
On May 11, 2023, Sanmina disclosed 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,” and 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.” Furthermore, the Company concluded that financial statements issued during the affected periods should no longer be relied upon.
On this news, Sanmina’s stock price fell $3.05, or 5.7%, to close at $50.50 per share on May 12, 2023, thereby injuring investors.
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