NEW YORK, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against SiTime Corporation (“SiTime” or the “Company”) (NASDAQ: SITM) on behalf of SiTime stockholders. Our investigation concerns whether SiTime has violated the federal securities laws and/or engaged in other unlawful business practices.
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On January 25, 2024, SiTime disclosed in a filing with the U.S. Securities and Exchange Commission that the Company "has identified a correction required to be made in its historical condensed consolidated statements of cash flows for each of the first three quarters of 2023. The correction relates solely to the misclassification of ‘interest received upon maturity of held-to-maturity securities' as an investing activity instead of as an operating activity in the respective condensed consolidated statements of cash flows in each of the first three quarters of 2023 (the ‘Misclassification')." Accordingly, "[o]n January 22, 2024, management and the audit committee of the board of directors of the Company concluded that, as a result of the Misclassification and in accordance with, Staff Accounting Bulletin No. 99, ‘Materiality,'" the statements at issue were materially misstated, should no longer be relied upon, and will be restated. In addition, SiTime "concluded that, as a result of the Misclassification, a material weakness existed in the Company's internal control over financial reporting as of March 31, 2023, June 30, 2023, and September 30, 2023, and that, because of this material weakness, the Company's disclosure controls and procedures were not effective as of March 31, 2023, June 30, 2023, and September 30, 2023."
On this news, SiTime's stock price fell $4.60 per share, or 3.8%, to close at $116.53 per share on January 26, 2024.
If you purchased or otherwise acquired SiTime shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
