CFO resignations... during audits?
Plus Red Flags from ZYME and FLL, and SOFI's auditor is interesting...
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Filings from the week of January 17-21.
Professional judgment abounds in audit and accounting: we just launched an auditor tracker in our institutional product so know who’s making those judgements.
And there are interesting connections! SOFI, LCID, CLOV, SKIL, APPH, and TTCF all have the same audit engagement partner; Janet Levy at Marcum LLP.
Read the full post on our blog here.
Top red flags from last week:
ZYMEWORKS INC (ZYME) | 8-K | $650M Zymeworks announced restructuring intended to reduce employee headcount by at least 25% during 2022. Notable terminations include Dr. Polverino (Executive Vice President and Chief Scientific Officer), Ms. O’Driscoll (Chief People Officer), and Mr. Priour (Chief Commercial Officer). Previously on January 5, the company announced the resignation of their President, CEO, and Chair of the board, Dr. Tehrani.
FULL HOUSE RESORTS INC (FLL) | 8-K | $360M Full house announced an increase to budgeted costs to complete their Chamonix. The $250M revised cost is ~40% higher than previously expected.
CFOs resigning during audits?
It’s a busy time of year for finance departments with December year ends - everyone is scrambling to complete audits in time for 10-K filing deadlines.
These CFOs chose an interesting time to leave:
KRAFT HEINZ CO (KHC) | 8-K | $46B Paulo Basilio, the company’s Global CFO and Executive Vice President, will step down effective March 1.
AVANGRID INC (AGR) | 8-K | $19B Douglas Stuver, the company’s Senior Vice President and CFO, will step down effective February 23.
ARCHER AVIATION INC (ACHR) | 8-K | $1.1B Ben Lu, the company’s CFO stepped down on January 21 (effective immediately).
NLIGHT INC (LASR) | 8-K | $1.0B Ran Baraket, the company’s CFO, will step down effective March 1.
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