Kopin Reports Delay in Filing Form 10-Q for Period Ended September 24, 2016
November 08 2016 - 05:15PM
Business Wire
Kopin Corporation (NASDAQ: KOPN, www.kopin.com, “Kopin” or the
“Company”), today announced that, based upon preliminary findings,
it has discovered instances in which an employee at one of its
foreign majority-owned subsidiaries, appears to have embezzled
money from such subsidiary. While the investigation is ongoing, the
amount is not believed to be material to the Company’s cash
position.
The Company believes, based upon preliminary findings, that the
impact of the potential theft will not be material to its
previously filed financial statements as of December 26, 2015 and
for the six month period ended June 25, 2016. However, the Company
has not completed its investigation and is currently assessing the
impact the finding might have had upon the Company’s historical
financial statements. Accordingly, until such time as the Company
completes its review, investors should not rely upon the Company’s
financial statements that have been included in the Company’s SEC
filings.
Kopin is working with its corporate counsel and local
authorities to determine the best course of action from both a
legal and recovery perspective and will provide further information
as soon as possible.
About Kopin Corporation
Kopin Corporation is a leading developer and provider of
innovative wearable technologies and solutions for integration into
head-worn computing and display systems to military, industrial and
consumer customers. Kopin’s technology portfolio includes
ultra-small displays, optics, speech enhancement technology, system
and hands-free control software, low-power ASICs, and ergonomically
designed smart headset reference systems. Kopin’s proprietary
components and technology are protected by more than 300 global
patents and patents pending. For more information, please visit
Kopin’s website at www.kopin.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161108006240/en/
Kopin CorporationRichard
Sneider, 508-870-5959Treasurer and Chief Financial
OfficerRichard_Sneider@kopin.com
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