Seeking Alpha

NeoPhotonics slumps; RJ suspends coverage over filing delays

  • Raymond James is suspending coverage of NeoPhotonics (NPTN -3.5%), previously rated Outperform, until the optical component vendor updates its financials.
  • RJ: "The company has not filed with the SEC on a timely basis and it has disengaged with the investment community. NeoPhotonics has not filed a 10-Q for its September quarter, will soon be late filing its 10-K for 2013, and we have no clear indication of when the new auditors will complete the financial review."
  • NeoPhotonics announced last November it's restating its Q1 and Q2 2013 results. The company recently amended its credit facility to extend the deadline for the filing of its Q1-Q3 reports to April 7. Its 2013 10-K needs to arrive by May 1.
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