FAB Universal audit committee: Q2, Q3 reports "should no longer be relied upon"

As was previously announced, FAB Universal's (FU) audit committee has "concluded that the Company's unaudited interim consolidated financial statements" for Q2 and Q3 "should no longer be relied upon." (8-K)

Preliminary estimates indicate the undisclosed $16.3M VIE-issued bond underreported interest expense and inflated net income by $344K in Q2 and $476K in Q3, a $0.04/share overstatement from previously-reported EPS results.

Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs