Brief: Key Tronic Corporation Announces Completion Of Audit Committee Investigation

Key Tronic

07/07/2021 24:42

July 6 (Reuters) - Key Tronic Corp  KTCC.O :
    * ORATION ANNOUNCES COMPLETION OF AUDIT COMMITTEE
INVESTIGATION
    * KEY TRONIC - INVESTIGATION IDENTIFIED ACCOUNTING ERRORS
RESULTING IN AN UNDERSTATEMENT OF COST OF GOODS SOLD AND AN
OVERSTATEMENT OF INVENTORY
    * KEY TRONIC - AUDIT COMMITTEE CONCLUDED THAT INVENTORY AND
COST
OF GOODS SOLD WAS IMPROPERLY RECORDED AT ITS OAKDALE, MN
PRODUCTION FACILITY
    * ADDITIONAL INVENTORY ACCOUNTING ERRORS UNRELATED TO
INVESTIGATION WERE ALSO IDENTIFIED BY MANAGEMENT
    * KEY TRONIC- AUDIT COMMITTEE, BOARD AND COMPANY MANAGEMENT
HAVE
PROPOSED CERTAIN REMEDIAL ACTIONS WHICH COMPANY HAS ADOPTED OR
WILL ADOPT
    * KEY TRONIC - AUDIT COMMITTEE, BOARD OF DIRECTORS & CO
MANAGEMENT
HAVE PROPOSED CERTAIN REMEDIAL ACTIONS WHICH CO HAS ADOPTED OR
WILL ADOPT


Further company coverage:  KTCC.O 

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