Latest news with #AuditCommittee
Yahoo
5 days ago
- Business
- Yahoo
PACS Group to Restate Certain Previously Issued Financial Statements
Audit Committee Investigation Substantially Complete FARMINGTON, Utah, June 16, 2025--(BUSINESS WIRE)--PACS Group, Inc. (NYSE: PACS) ("PACS" or the "Company") announced today that it will restate its previously issued condensed combined/consolidated financial statements as of and for the three months ended on March 31, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2024 (as amended on May 21, 2024), and as of and for the three and six months ended on June 30, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2024 (collectively, the "Prior Financial Statements," and each such quarterly period in the six months ended June 30, 2024, the "Impacted Periods"). The Prior Financial Statements and any previously furnished reports or communications of PACS describing the Company's financial results for the Impacted Periods should no longer be relied upon. As previously disclosed, the Company's independent Audit Committee of the Board of Directors (the "Audit Committee"), with assistance from external counsel, has been conducting an independent investigation of third-party allegations. The Audit Committee has made substantial progress and is nearing the completion of the investigation. To date, the Audit Committee has found no basis to question the integrity of the Company's Executive Vice Chairman, Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer. In connection with additional facts learned, including as a result of the Audit Committee's independent investigation, and due to regulatory, compliance and Medicare Part B billing uncertainties, management has determined that it is appropriate to reconsider the Company's judgmental assessments of the compliance of its respiratory and certain other therapy services. Management has also determined that it is appropriate to reconsider the application of certain aspects of revenue recognition guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers ("ASC 606") regarding revenue from billings for such services. As a result, the Company believes that the revenue associated with the provision of respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the Impacted Periods. Accordingly, the Company has determined that it overstated total revenue in the condensed combined/consolidated statements for the Impacted Periods by: Approximately $15.0 million to $17.0 million for the three month period ended March 31, 2024 and approximately $46.0 million to $48.0 million for the three month period ended June 30, 2024. These amounts are preliminary and may be subject to change. The Company is working diligently to restate the Prior Financial Statements as soon as practicable. Given the ongoing investigation, PACS has been unable to file its Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. As previously disclosed in the Company's Current Report on Form 8-K filed on June 2, 2025, The New York Stock Exchange ("NYSE") provided the Company with an additional trading period through September 2, 2025, subject to reassessment on an ongoing basis, to file its delinquent filings and regain compliance with NYSE listing standards. PACS intends to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period. Further to the Audit Committee's ongoing investigation, the Company's management team, together with external counsel and outside advisors, has undertaken a thorough review of its regulatory compliance program and has begun to implement additional measures designed to enhance processes and controls surrounding regulatory compliance. As part of this process, PACS has retained a new Interim Chief Compliance Officer to oversee the ongoing review and the implementation of updates to the Company's compliance program. PACS is also continuing to assess the effect of any restatements on the Company's internal controls over financial reporting and its disclosure controls and procedures. Additional information relating to the restatement is available in the Company's Current Report on Form 8-K filed today. About PACS™ PACS Group, Inc. is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 314 post-acute care and senior living facilities across 17 states, serving over 30,000 patients daily. References herein to the consolidated "Company," as well as the use of the terms "we," "us," "our," "its" and similar verbiage, refer to PACS Group, Inc. and its consolidated subsidiaries, taken as a whole. PACS Group, Inc. and its subsidiaries that are not licensed healthcare providers do not provide healthcare services to patients, residents or any other person, and do not direct or control the provision of services provided or the operations of those provider subsidiaries. All healthcare services are provided solely by its applicable subsidiaries that are licensed healthcare providers, under the direction and control of licensed healthcare professionals in accordance with applicable law. More information about PACS is available at Forward-Looking Statements This press release contains, and other communications of the Company may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast," "target," "trend," "plan," "goal," or other words of comparable meaning or future-tense or conditional verbs such as "may," "will," "should," "would," or "could." Statements concerning the Company's future are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about the Company's business, financial performance, operating results, the industry in which the Company operates and possible future events. These statements include, but are not limited to, statements regarding the Company's expectations regarding the timing of and its ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports. Forward-looking statements convey the Company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, which may change over time and many of which are beyond the Company's control, and that could cause the Company's actual results to materially and adversely differ from those expressed in any forward-looking statement, including the outcome of any ongoing government or internal investigations, risks associated with litigation, risks associated with the Company's ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period, risks associated with the NYSE's ongoing compliance monitoring, and the other risks described in the Company's filings with the Securities and Exchange Commission. View source version on Contacts Investors: IR@ Media: Brooks StevensonVP Corporate Communication262 N. University AvenueFarmington, UT 84025T:
Business Wire
5 days ago
- Business
- Business Wire
PACS Group to Restate Certain Previously Issued Financial Statements
FARMINGTON, Utah--(BUSINESS WIRE)--PACS Group, Inc. (NYSE: PACS) ('PACS' or the 'Company') announced today that it will restate its previously issued condensed combined/consolidated financial statements as of and for the three months ended on March 31, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on May 13, 2024 (as amended on May 21, 2024), and as of and for the three and six months ended on June 30, 2024 included in the Company's Quarterly Report on Form 10-Q filed with the SEC on August 12, 2024 (collectively, the 'Prior Financial Statements,' and each such quarterly period in the six months ended June 30, 2024, the 'Impacted Periods'). The Prior Financial Statements and any previously furnished reports or communications of PACS describing the Company's financial results for the Impacted Periods should no longer be relied upon. As previously disclosed, the Company's independent Audit Committee of the Board of Directors (the 'Audit Committee'), with assistance from external counsel, has been conducting an independent investigation of third-party allegations. The Audit Committee has made substantial progress and is nearing the completion of the investigation. To date, the Audit Committee has found no basis to question the integrity of the Company's Executive Vice Chairman, Chief Executive Officer, Chief Financial Officer or Chief Accounting Officer. In connection with additional facts learned, including as a result of the Audit Committee's independent investigation, and due to regulatory, compliance and Medicare Part B billing uncertainties, management has determined that it is appropriate to reconsider the Company's judgmental assessments of the compliance of its respiratory and certain other therapy services. Management has also determined that it is appropriate to reconsider the application of certain aspects of revenue recognition guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts With Customers ('ASC 606') regarding revenue from billings for such services. As a result, the Company believes that the revenue associated with the provision of respiratory services and certain other therapy services billed under Medicare Part B should not have been recognized as revenue in the Impacted Periods. Accordingly, the Company has determined that it overstated total revenue in the condensed combined/consolidated statements for the Impacted Periods by: Approximately $15.0 million to $17.0 million for the three month period ended March 31, 2024 and approximately $46.0 million to $48.0 million for the three month period ended June 30, 2024. These amounts are preliminary and may be subject to change. The Company is working diligently to restate the Prior Financial Statements as soon as practicable. Given the ongoing investigation, PACS has been unable to file its Quarterly Report on Form 10-Q for the nine months ended September 30, 2024, its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the three months ended March 31, 2025. As previously disclosed in the Company's Current Report on Form 8-K filed on June 2, 2025, The New York Stock Exchange ('NYSE') provided the Company with an additional trading period through September 2, 2025, subject to reassessment on an ongoing basis, to file its delinquent filings and regain compliance with NYSE listing standards. PACS intends to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period. Further to the Audit Committee's ongoing investigation, the Company's management team, together with external counsel and outside advisors, has undertaken a thorough review of its regulatory compliance program and has begun to implement additional measures designed to enhance processes and controls surrounding regulatory compliance. As part of this process, PACS has retained a new Interim Chief Compliance Officer to oversee the ongoing review and the implementation of updates to the Company's compliance program. PACS is also continuing to assess the effect of any restatements on the Company's internal controls over financial reporting and its disclosure controls and procedures. Additional information relating to the restatement is available in the Company's Current Report on Form 8-K filed today. About PACS™ PACS Group, Inc. is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS Group is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 314 post-acute care and senior living facilities across 17 states, serving over 30,000 patients daily. References herein to the consolidated 'Company,' as well as the use of the terms 'we,' 'us,' 'our,' 'its' and similar verbiage, refer to PACS Group, Inc. and its consolidated subsidiaries, taken as a whole. PACS Group, Inc. and its subsidiaries that are not licensed healthcare providers do not provide healthcare services to patients, residents or any other person, and do not direct or control the provision of services provided or the operations of those provider subsidiaries. All healthcare services are provided solely by its applicable subsidiaries that are licensed healthcare providers, under the direction and control of licensed healthcare professionals in accordance with applicable law. More information about PACS is available at Forward-Looking Statements This press release contains, and other communications of the Company may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as 'believe,' 'expect,' 'anticipate,' 'intend,' 'estimate,' 'project,' 'outlook,' 'forecast,' 'target,' 'trend,' 'plan,' 'goal,' or other words of comparable meaning or future-tense or conditional verbs such as 'may,' 'will,' 'should,' 'would,' or 'could.' Statements concerning the Company's future are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about the Company's business, financial performance, operating results, the industry in which the Company operates and possible future events. These statements include, but are not limited to, statements regarding the Company's expectations regarding the timing of and its ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports. Forward-looking statements convey the Company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, which may change over time and many of which are beyond the Company's control, and that could cause the Company's actual results to materially and adversely differ from those expressed in any forward-looking statement, including the outcome of any ongoing government or internal investigations, risks associated with litigation, risks associated with the Company's ability to restate the Prior Financial Statements and file its delinquent quarterly and annual reports within the granted additional period, risks associated with the NYSE's ongoing compliance monitoring, and the other risks described in the Company's filings with the Securities and Exchange Commission.
Business Insider
12-06-2025
- Business
- Business Insider
Newsmax sees FY25 revenue $180M-$190M vs. $171.0M in FY24
The company also states: 'Newsmax (NMAX) announced the appointment of Ambassador Paula J. Dobriansky to the Company's Board of Directors, effective immediately. Dobriansky will serve as a member of the Audit Committee alongside former U.S. Secretary of Labor Alex Acosta, who was appointed to the Board upon the closing of the Company's initial public offering in March of this year.' Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
09-06-2025
- Business
Japan's Ishiba Vows Full Probe into Rice Price Surges
News from Japan Politics Jun 9, 2025 18:21 (JST) Tokyo, June 9 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba said Monday that a ministerial council on stable rice supplies will conduct a full probe to determine what have caused price surges for the staple food. At a meeting of the Audit Committee of the House of Councillors, the upper chamber of Japan's parliament, Ishiba also said that the council will discuss measures to support rice farmers working to cut costs and increase exports. "If we take rice lightly, Japan's existence will be put at risk," Ishiba said. "We will hold substantial discussions." END [Copyright The Jiji Press, Ltd.] Jiji Press
Business Wire
05-06-2025
- Business
- Business Wire
Flow Beverage Corp. Announces Leadership Change
TORONTO--(BUSINESS WIRE)-- Flow Beverage Corp. (TSX:FLOW; OTCPK:FLWBF) (' Flow ' or the ' Company ') announced today that Trent MacDonald has stepped down from his position as Chief Financial Officer and Executive Vice-President of Operations. The Board of Directors of the Company has initiated a process to select a new Chief Financial Officer and is in advanced discussions with a preferred candidate for this position. In the interim, the Company's Director of Finance will perform similar functions to those of the Chief Financial Officer. Mr. MacDonald will assist with this transition before he moves on to focus on other interests. "On behalf of Flow and its Board of Directors, I recognize and thank Trent for his contributions to the Company. His significant accomplishments demonstrate his leadership, expertise, team building skills and dedication. We are grateful for his work and achievements, and we wish Trent all the best in his future endeavors," said Nicholas Reichenbach, Chairman and Chief Executive Officer of Flow. 'On behalf of all members of the Audit Committee, I want to extend our thanks to Trent for all of his contribution, hard work and dedication since he joined Flow,' said Stephen A. Smith, Chair of the Audit Committee of the Company's Board of Directors. 'I would like to thank Nicholas Reichenbach and each member of the Company's Board of Directors that has supported me in the fulfilment of my duties as Chief Financial Officer and Executive Vice-President/Operations. I could not be prouder of all that has been accomplished,' said Mr. MacDonald. About Flow Flow is one of the fastest-growing premium water companies in North America. Founded in 2014, Flow's mission since day one has been to reduce environmental impacts by providing sustainably sourced natural mineral spring water in the most sustainable product formats. Today, the brand is B-Corp Certified with a best-in-class score of 114.5, offering a diversified line of health and wellness-oriented beverage products: original mineral spring water, award-winning organic flavours and sparkling mineral spring water in sizes ranging from 300-ml to 1-litre. All products contain naturally occurring electrolytes and essential minerals and support Flow's overarching purpose to 'bring wellness to the world through the positive power of water.' Flow beverage products are available at retailers in Canada and the United States, and online at For more information on Flow, please visit Flow's investor relations site at: Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (' Forward-Looking Statements '). The Forward-Looking Statements contained in this press release relate to future events or Flow's future plans, operations, strategy, performance or financial position and are based on Flow's current expectations, estimates, projections, beliefs and assumptions, including, among other things, in respect of the Company's expectations and ability to hire and appoint a person in the office of Chief Financial Officer. In particular, there is no assurance that the Company will be able to fill the position of Chief Financial Officer in the short term. Such Forward-Looking Statements have been made by Flow in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such Forward‐Looking Statements are often, but not always, identified by the use of words such as 'may', 'would', 'should', 'could', 'expect', 'intend', 'estimate', 'anticipate', 'plan', 'foresee', 'believe', 'continue', 'expect', 'believe', 'anticipate', 'estimate', 'will', 'potential', 'proposed' and other similar words and expressions. Forward-Looking Statements are based on certain expectations and assumptions and are subject to known and unknown risks and uncertainties and other factors, many of which are beyond Flow's control, that could cause actual events, results, performance and achievements to differ materially from those anticipated in these Forward-Looking Statements. Forward-Looking Statements are provided for the purpose of assisting the reader in understanding Flow and its business, operations, prospects, and risks at a point in time in the context of historical and possible future developments, and the reader is therefore cautioned that such information may not be appropriate for other purposes. Forward-Looking Statements should not be read as guarantees of future performance or results. Readers are cautioned not to place undue reliance on these Forward-Looking Statements, which speak only as of the date of this press release. Unless otherwise noted or the context otherwise indicates, the Forward-Looking Statements contained herein are provided as of the date hereof, and the Company disclaims any intention or obligation, except to the extent required by law, to update or revise any Forward-Looking Statements as a result of new information or future events, or for any other reason. The following press release should be read in conjunction with the management's discussion and analysis and unaudited condensed consolidated interim financial statements and notes thereto as at and for the three months ended January 31, 2025. Additional information about Flow is available on the Company's profile on SEDAR+ at
