Kopin Corporation Announces Filing of 2016 10-K, Third Quarter 2016 10-Q
March 27 2017 - 08:30AM
Business Wire
Company Now Current with SEC Filings and
Compliant with NASDAQ Listing Requirements
Kopin Corporation (NASDAQ:KOPN), a leading developer of
innovative wearable computing technologies and solutions, announced
the filing on March 23, 2017 with the U.S. Securities and Exchange
Commission (SEC) of the Company’s Form 10-Q for the three months
ended September 24, 2016 and the Company’s Annual Report on Form
10-K for fiscal year 2016.
Following these filings, the Company is now current with all of
its SEC filings and has been informed by the Nasdaq Stock Market
that Kopin has regained compliance with the Nasdaq listing
requirement relating to SEC filing obligations.
As previously disclosed, the Company discovered embezzlement
activities at its Korean subsidiary. Based upon the results of
forensic investigation procedures, the actions of a former employee
of its Korean subsidiary resulted in a total theft loss of
$1,589,000 over a 5 year period and resulted in the immaterial
restatement of previously issued financial statements and unaudited
quarterly financial information in the Company’s 2016 annual report
on Form 10-K. The Company is undertaking steps to recover some or
all of this amount, including restitution from the former employee,
the former employee’s family and a claim on insurance Kopin carries
against employee fraud.
About Kopin
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.
Kopin, Whisper, Lightning and Solos are trademarks of Kopin
Corporation.
Forward-Looking Statements
Statements in this press release may be considered
“forward-looking” statements under the “Safe Harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
include, without limitation, statements relating to our statement
that we are now current with our SEC filings and that we are
compliant with NASDAQ listing requirements. In the future the SEC
could determine that they do not agree that we are current in our
SEC filings and Nasdaq could determine that we have other
deficiencies in our compliance with listing standards. Please also
see other risk factors and cautionary statements listed in Kopin’s
periodic reports and registration statements filed with
the Securities and Exchange Commission, including the Annual
Report on Form 10-K for the 12 months ended December 31, 2016,
and Kopin’s subsequent filings with the Securities and
Exchange Commission. You should not place undue reliance on any
forward-looking statements, which are based only on information
currently available to Kopin and only as of the date on
which they are made. We undertake no obligation to update any of
these forward-looking statements to reflect events or circumstances
occurring after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170327005239/en/
Kopin CorporationRichard Sneider,
508-870-5959CFOrsneider@kopin.comorInvestor RelationsMarket Street
PartnersJoAnn Horne,
415-445-3233JHorne@marketstreetpartners.com
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