WESTBOROUGH, Mass.--(BUSINESS WIRE)--Kopin Corporation (NASDAQ:KOPN), a leading developer of innovative wearable computing technologies and solutions, announced the filing on March 23, 2017 with the U.S. Securities and Exchange Commission (SEC) of the Company’s Form 10-Q for the three months ended September 24, 2016 and the Company’s Annual Report on Form 10-K for fiscal year 2016.
Following these filings, the Company is now current with all of its SEC filings and has been informed by the Nasdaq Stock Market that Kopin has regained compliance with the Nasdaq listing requirement relating to SEC filing obligations.
As previously disclosed, the Company discovered embezzlement activities at its Korean subsidiary. Based upon the results of forensic investigation procedures, the actions of a former employee of its Korean subsidiary resulted in a total theft loss of $1,589,000 over a 5 year period and resulted in the immaterial restatement of previously issued financial statements and unaudited quarterly financial information in the Company’s 2016 annual report on Form 10-K. The Company is undertaking steps to recover some or all of this amount, including restitution from the former employee, the former employee’s family and a claim on insurance Kopin carries against employee fraud.
Kopin Corporation is a leading developer and provider of innovative wearable technologies and solutions for integration into head-worn computing and display systems to military, industrial and consumer customers. Kopin’s technology portfolio includes ultra-small displays, optics, speech enhancement technology, system and hands-free control software, low-power ASICs, and ergonomically designed smart headset reference systems. Kopin’s proprietary components and technology are protected by more than 300 global patents and patents pending. For more information, please visit Kopin’s website at www.kopin.com.
Kopin, Whisper, Lightning and Solos are trademarks of Kopin Corporation.
Statements in this press release may be considered “forward-looking” statements under the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements relating to our statement that we are now current with our SEC filings and that we are compliant with NASDAQ listing requirements. In the future the SEC could determine that they do not agree that we are current in our SEC filings and Nasdaq could determine that we have other deficiencies in our compliance with listing standards. Please also see other risk factors and cautionary statements listed in Kopin’s periodic reports and registration statements filed with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the 12 months ended December 31, 2016, and Kopin’s subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Kopin and only as of the date on which they are made. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances occurring after the date of this release.