{"id":7856,"date":"2025-07-23T14:53:12","date_gmt":"2025-07-23T18:53:12","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=7856"},"modified":"2025-07-23T14:53:18","modified_gmt":"2025-07-23T18:53:18","slug":"an-example-of-dealing-with-a-possible-restatement-whistleblower-information-included","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/an-example-of-dealing-with-a-possible-restatement-whistleblower-information-included\/","title":{"rendered":"An Example of Dealing with a Possible Restatement\u00a0\u2013\u00a0Whistleblower Information Included!"},"content":{"rendered":"

In our June 11, 2025, One-Hour Briefing \u201cNavigating a Financial Restatement in SEC Reporting<\/a>,\u201d Kurt Wolfe and Chris Ekimoff, who hosted PLI\u2019s inSecurities podcast, discussed dealing with a possible restatement.\u00a0 While hopefully none of us ever have to deal with this kind of situation, it is important to be prepared should this kind of problem ever arise.<\/p>\n

As a real-world example, you can review this July 1, 2025, Form 8-K<\/a> disclosure by PetMed Express, Inc. in which the company says:<\/p>\n

[T]he Audit Committee has advised management that it has received anonymous reporting through the Company\u2019s third-party-administered whistleblower hotline regarding: the timing of revenue recognition with respect to certain autoship orders in the fiscal fourth quarter of 2025, some of which resulted in customer complaints; a fiscal fourth quarter 2025 $50 coupon promotion to customers and its potential impact on Company key-performance indicators (KPIs) regarding new customers; and the Company\u2019s culture and control environment. The Audit Committee has engaged external legal counsel with other external advisors to investigate these reports. The investigation is still ongoing, no conclusions have been reached, and the Company cannot predict its duration or outcome.<\/p>\n

The company filed a Form 12b-25, which appears on its EDGAR list as Form NT10-K<\/a>, on June 16, 2025.\u00a0 As of the date of this post, July 9, 2025, the company had not filed its Form 10-K.\u00a0 As discussed in our briefing, there are a number of related issues that arise in this kind of situation, such as this Form 8-K<\/a> that discusses the implications of the company receiving a notification about non-compliance with the NASDAQ listing rules requiring timely filing of all SEC reports.<\/p>\n

As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"

In our June 11, 2025, One-Hour Briefing \u201cNavigating a Financial Restatement in SEC Reporting,\u201d Kurt Wolfe and Chris Ekimoff, who hosted PLI\u2019s inSecurities podcast, discussed dealing with a possible restatement.\u00a0 While hopefully none of us ever have to deal with this kind of situation, it is important to be prepared should this kind of problem … Continue reading An Example of Dealing with a Possible Restatement\u00a0\u2013\u00a0Whistleblower Information Included!<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[143,110],"tags":[],"coauthors":[154],"class_list":["post-7856","post","type-post","status-publish","format-standard","hentry","category-hot-topic","category-role-of-the-audit-committee"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=7856"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7856\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=7856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=7856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=7856"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=7856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}