NEW YORK, NY / ACCESSWIRE / March 9, 2024 / Pomerantz LLP is investigating claims on behalf of investors of SiTime Corporation ("SiTime" or the "Company") (NASDAQ:SITM). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether SiTime and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 25, 2024, SiTime disclosed in a filing with the U.S. Securities and Exchange Commission that the Company "has identified a correction required to be made in its historical condensed consolidated statements of cash flows for each of the first three quarters of 2023. The correction relates solely to the misclassification of ‘interest received upon maturity of held-to-maturity securities' as an investing activity instead of as an operating activity in the respective condensed consolidated statements of cash flows in each of the first three quarters of 2023 (the ‘Misclassification')." Accordingly, "[o]n January 22, 2024, management and the audit committee of the board of directors of the Company concluded that, as a result of the Misclassification and in accordance with, Staff Accounting Bulletin No. 99, ‘Materiality,'" the statements at issue were materially misstated, should no longer be relied upon, and will be restated. In addition, SiTime "concluded that, as a result of the Misclassification, a material weakness existed in the Company's internal control over financial reporting as of March 31, 2023, June 30, 2023, and September 30, 2023, and that, because of this material weakness, the Company's disclosure controls and procedures were not effective as of March 31, 2023, June 30, 2023, and September 30, 2023."
On this news, SiTime's stock price fell $4.60 per share, or 3.8%, to close at $116.53 per share on January 26, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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