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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