LAUSANNE, Switzerland--(BUSINESS WIRE)--Logitech International (SIX:LOGN) (Nasdaq:LOGI) today announced that the SIX Swiss Exchange has granted the Company an extension – until August 29, 2014 – for publishing and submitting its Annual Report for Fiscal Year 2014. Logitech’s Annual Report was previously scheduled to be published by July 31, 2014.
As previously disclosed, Logitech’s Audit Committee, with the assistance of independent advisors, is conducting an independent investigation of certain accounting matters related to the Company’s previously issued financial statements. Related to the Audit Committee’s investigation, the Company is performing additional work associated with its Fiscal Year 2014 Annual Report on Form 10-K, which might result in adjustments to the previously issued financial statements. The Audit Committee has not reached any conclusion because the investigation is ongoing. Due to the investigation and the additional work being performed, Logitech has not yet filed its Fiscal Year 2014 Annual Report on Form 10-K with the U.S. Securities and Exchange Commission (SEC), and this delay also impacts the Annual Report for Fiscal Year 2014 that is published and submitted to the SIX Swiss Exchange.
The SIX Swiss Exchange reserves the right to suspend trading of Logitech shares if Logitech does not publish its Annual Report by August 29, 2014 or receive an additional extension from the SIX Swiss Exchange. Logitech’s initial request to the SIX Swiss Exchange was for a longer extension – beyond August 29, 2014 – to enable the Company to complete the investigation and the additional work for the Annual Report. That initial request has been stayed. In early August, Logitech plans to submit to Nasdaq and to the SIX Swiss Exchange a plan to regain compliance with listing requirements for each stock exchange. Once the plan is submitted to the SIX Swiss Exchange, Logitech may renew its request for a longer extension based on the compliance plan and the Company’s ongoing independent investigation and related additional work.
Logitech continues to devote significant resources to complete and file all required periodic reports with the SEC and SIX Swiss Exchange as soon as possible following completion of the investigation.
The SIX Swiss Exchange has requested that Logitech publish the following information:
IIa. SIX Exchange Regulation reserves the right to suspend the trading in the shares in (of) Logitech International S.A. in case (I) the 2014 annual report is not published until (by) Friday, 29 August 2014, 11.59 pm CET, at the latest, in accordance with the provisions regarding ad hoc publicity (art. 53 of the Listing Rules [LR] in connection with the Directive on Ad hoc Publicity [DAH]), and (II) the application of 22 July 2014 for extension of the deadline for the publication and the filing of the 2014 annual report, which has been stayed until 29 August 2014, has not been granted by SIX Swiss Exchange by 29 August 2014.
IIb. Logitech International S.A. is required to publish a notice in accordance with the provisions regarding ad hoc publicity until (by) Tuesday, 29 July 2014, 7.30 am CET, at the latest. The ad hoc notice must contain a reproduction of the wording of cif. II lit. a and b of this decision and the reasons for which Logitech International S.A. was not able to publish its 2014 annual report until (by) 31 July 2014.
Logitech is a world leader in products that connect people to the digital experiences they care about. Spanning multiple computing, communication and entertainment platforms, Logitech’s combined hardware and software enable or enhance digital navigation, music and video entertainment, gaming, social networking, audio and video communication over the Internet, video security and home-entertainment control. Founded in 1981, Logitech International is a Swiss public company listed on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market (LOGI).
Logitech, the Logitech logo, and other Logitech marks are registered in Switzerland and other countries. All other trademarks are the property of their respective owners. For more information about Logitech and its products, visit the company’s Web site at www.logitech.com.