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Brooks drops after 10-K filing delay

Dec. 02, 2019 10:31 AM ETAzenta, Inc. (AZTA) StockAZTABy: Brandy Betz, SA News Editor
  • In a filing, Brooks Automation (BRKS -5.1%reveals it isn't able to submit its 10-K within the prescribed time period. The company expects to file within the 15-day extension period.
  • Brooks says management is reviewing the timing of revenue recognition related to a product shipped from a Semiconductor Solutions Group contract manufacturer, which represents about $1M in revenue. Management and the board Audit Committee are also looking into the recognition timing of similar transactions.
  • In the 10-K, Brooks expects to report management's conclusion of a material weakness in internal controls related to revenue recorded as a business unit within the Brooks Life Sciences segment.

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