Silicon Laboratories Inc.
|Silicon Laboratories Inc.
On January 29, 2024, Silicon Labs announced that it was postponing its scheduled fourth quarter 2023 earnings call by one week. The Company disclosed that it “determined that a material weakness in internal control related to the operation and documentation of certain inventory controls existed as of December 30, 2023” and that the reporting delay would provide “additional time to evaluate the impact, if any, of the material weakness on the company’s financial reporting as of the end of the quarterly period.”
On this news, Silicon Labs’ stock price fell $7.91, or 6%, to close at $123.55 per share on January 30, 2024, thereby injuring investors.
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