Key Developments: IEC Electronics Corp (IEC)
4.20USD
20 May 2013
$-0.67 (-13.76%)
$4.87
$4.57
$4.57
$4.09
277,051
30,396
$7.35
$4.09
Latest Key Developments (Source: Significant Developments)
Law Offices of Todd M. Garber Announces Investigation Of IEC Electronics Corp
The Law Offices of Todd M. Garber announced that it is investigating potential claims against IEC Electronics Corp concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by IEC between February 8, 2012 and April 30, 2013 regarding IEC`s financial performance. The investigation is related to the Company`s May 1, 2013 announcement that IEC`s consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 are being restated due to "an error in accounting for work-in-process inventory at one of the Company's subsidiaries, Southern California Braiding, Inc." According to the Company: "This error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit during all such Restated Periods of approximately $2.2 million." Full Article
Wohl & Fruchter LLP Announces Investigation Into Financial Reporting Errors At IEC Electronics Corp
The law firm of Wohl & Fruchter LLP announces that it is investigating financial reporting errors at IEC Electronics Corp (IEC). On May 1, 2013, after the market closed, IEC announced that its financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 (collectively, the Restated Periods) require restatement due to an error in accounting for work-in-process inventory at one of the Company's subsidiaries, Southern California Braiding, Inc. At the time, the Company estimated that this error resulted in an understatement of cost of sales, and an overstatement of gross profit, during the Restated Periods of approximately $2.2 million. Full Article
Law Firm of Levi & Korsinsky, LLP Launches An Investigation Into Possible Breaches Of Fiduciary Duty By IEC Electronics Corp
Levi & Korsinsky announced that it is investigating potential claims on behalf of purchasers of IEC Electronics Corp who purchased stock between February 8, 2012 and April 30, 2013. The investigation concerns the Company's announcement that its consolidated financial statements for the fiscal year ended September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 are being restated due to an accounting error related to inventory at one of the Company's subsidiaries. Full Article
Glancy Binkow & Goldberg LLP Announces Investigation of IEC Electronics Corp
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims on behalf of investors who purchased the common stock of IEC Electronics Corp between February 8, 2012 and April 30, 2013. The investigation is related to certain statements issued by IEC during the foregoing period regarding IEC`s financial performance. Full Article
IEC Electronics Corp Revises FY 2013 Revenue Guidance
IEC Electronics Corp announced that as previously announced, it has lowered sales growth forecast range for fiscal 2013 to 6% to 9% from 9% to 14%. Full Article
IEC Electronics Corp Announces $5.1 Million Award
IEC Electronics Corp announced that it recently received an order from one of its Military customers valued at approximately $5.1 million. Deliveries are expected to commence during IEC's fiscal 2013 second quarter and continue into fiscal 2014. Full Article
IEC Electronics Corp Issues FY 2013 Revenue Guidance In Line With Analysts' Estimates-Conference Call
IEC Electronics Corp announced that it currently expects sales to grow between 9% and 14% for fiscal 2013. The Company reported revenues of $144.96 million in fiscal 2012. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report revenues of $164.07 for fiscal 2013. Full Article
IEC Electronics Corp Issues FY 2013 EPS Guidance In Line With Analysts' Estimates-Conference Call
IEC Electronics Corp announced that it expects that its net income per fully diluted share (EPS), adjusted for the claw-back, will increase from $0.71 per share to a range of between $0.88 and $0.93 per diluted share for fiscal 2013. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $0.88 for fiscal 2013. Full Article
IEC Electronics Corp. Announces Appointment Of Vincent A. Leo As Chief Financial Officer-Form 8-K
IEC Electronics Corp. reported in its Form 8-K that on May 23, 2012, the Board of Directors of the Company changed Vincent A. Leo’s title from Interim Chief Financial Officer and appointed him as Chief Financial Officer (CFO) with the expectation that Mr. Leo would serve in that position for three years. Full Article
IEC Electronics Corp. Announces $17 Million Award
IEC Electronics Corp. announced that it recently received an order from one of its Medical customers valued at more than $17 million. Deliveries are expected to commence during IEC's fiscal third quarter 2012 and continue into fiscal 2013. Full Article
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