Silicon Laboratories shares dip in late trade, announced report delay

Silicon Laboratories

29/01/2024 23:01

** Shares in Silicon Laboratories  SLAB.O  were down 3.4% at
$127 after the bell on Monday after the company announced it
would delay its Q4 earnings release and conference call by a
week to assess internal control weakness 
    ** SLAB said it found "material weakness in internal control
related to the operation and documentation of certain inventory
controls existed as of December 30, 2023."
    ** Delaying reporting allows 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," SLAB said
    ** So far, it said "has not identified any misstatements in
its previously issued financial statements," expects to file
quarterly report with SEC on time, by end of Feb
     ** SLAB now plans to release Q4 results on Feb. 7 and then
host an conference call at 7:30 a.m. Central Time 
    ** SLAB shares closed Monday's regular session up 2.4% at
$131.46, down 0.6% YTD after falling 2.5% in 2023
    ** SLAB announced Dec. 11 that its CFO John Hollister was
leaving to join partner Global Foundries as CFO, and that Mark
Mauldin, SLAB chief accounting officer to be named interim chief
financial officer when handover due to be completed by Feb. 2





 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))