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Ampliphi restates financial statements

  • Ampliphi Biosciences (APHB -5.2%) reports that its financial statements for the period ending September 30,2013 can no longer be relied upon.
  • The Company's treatment of the non-cash impact of its Series B Preferred Stock, certain promissory notes and certain warrants issued in June and July 2013 should have accounted for them as derivative instruments because they contain anti-dilution protections. Post-issue value fluctuations should then be recorded as non-cash income or expense.
  • The firm's 2013 10-K will include a discussion of material weaknesses in its internal controls over financial reporting.
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