LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, continues its investigation on behalf of Sanmina Corporation (“Sanmina” or the “Company”) (NASDAQ: SANM) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Sanmina investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Sanmina-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
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.
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Whistleblower Notice: Persons with non-public information regarding Sanmina should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
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