Fabrinet Delays 10-K Filing Again

(RTTNews) - Fabrinet (FN) said Thursday that it is delaying the filing of its Annual Report on Form 10-K for the year ended June 27, 2014.

Prior to the completion of Fabrinet's fiscal year 2014 financial results, the company discovered potential accounting violations with respect to consignment shipments and inventory. Subsequently and the Audit Committee of Fabrinet's Board of Directors began conducting an internal investigation concerning various accounting cut-off issues, specifically procedures surrounding consignment revenue and inventory. The investigation identified certain process weaknesses concerning shipments of goods to consignment and the need for certain remedial measures.

On September 10, Fabrinet filed with the SEC a Form 12b-25, Notification of Late Filing, with regard to its Form 10-K. At the time of filing, the company expected that it would be able to file its Form 10-K within the 15-day extension period provided by the form. However, Fabrinet recently determined that it requires additional time to file its Form 10-K because it is currently evaluating and discussing with its auditors its accounting practices concerning consignment goods.

Fabrinet said Thursday that it expects to file its Form 10-K by next week.