The Law Offices of Frank R. Cruz Announces Investigation of Sanmina Corporation (SANM) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM) on behalf of investors concerning the Company’s possible violations of federal securities laws.

If you are a shareholder who suffered a loss, click here to participate.

On May 11, 2023, Sanmina disclosed that “certain personnel in a division within the Company’s Components, Products and Services business had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts,” and that an independent investigation found that “revenue was over/(understated) by approximately $10.2 million, $18.3 million, ($29.1 million), and $5.6 million, and GAAP earnings per share was over/(understated) by approximately $0.09, $0.29, $0.25, and ($0.06) in the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, and the first fiscal quarter ended December 31, 2022, respectively.” Furthermore, the Company concluded that financial statements issued during the affected periods should no longer be relied upon.

On this news, Sanmina’s stock price fell $3.05, or 5.7%, to close at $50.50 per share on May 12, 2023, thereby injuring investors.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Sanmina securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.