Performant Financial Corporation Provides Update on Form 10-K Filing; Announces Changes to its Board of Directors
March 30 2020 - 5:00PM
Performant Financial Corporation (Nasdaq: PFMT), (the “Company”), a
leading provider of technology-enabled recovery and related
analytics services in the United States, today provided an update
with regards to its Form 10-K for the year ended December 31,
2019 and announced the resignation of Jeffrey S. Stein from
the Company’s Board of Directors.
Due to the outbreak of, and local, state and
federal governmental responses to, the coronavirus disease
(“COVID-19”) pandemic, the Company has filed for an extension for
its Annual Report on Form 10-K for the year ended December 31, 2019
(the “Annual Report”), originally due on March 30, 2020.
Specifically, the Company is relying on an order issued by the
Securities and Exchange Commission (the “SEC”) on March 25, 2020
(which extended and superseded a prior order issued on March 4,
2020), pursuant to Section 36 of the Securities Exchange Act of
1934, as amended (Release No. 34-88465) (the “Order”), regarding
exemptions granted to certain public companies. The Order allows a
registrant up to an additional 45 days after the original due date
of certain reports required to be filed with the SEC if a
registrant’s ability to file such report timely is affected due to
COVID-19.
Because the Company’s operations and business have
experienced disruptions due to the conditions surrounding the
COVID-19 pandemic, the Company will be relying on the Order and
will be making use of the 45-day grace period provided by the Order
to delay filing of its Annual Report. The Company plans to file its
Annual Report by no later than May 14, 2020, 45 days after the
original due date of its Annual Report.
Separately, the Company today also announced the resignation of
Jeffrey S. Stein from Performant’s Board of Directors and all
related committee appointments. Mr. Stein’s resignation is not a
result of any disagreement with the Company on any matter relating
to the Company’s operations or practices.
The Nominating and Governance Committee of the Board plans to
immediately begin a search and selection process to fill Mr.
Stein’s seat, with a focus on selecting a new member with the
experience to provide guidance to support the Company’s ongoing
growth plans.
About Performant Financial
Corporation
Performant helps government and commercial
organizations enhance revenue and contain costs by preventing,
identifying and recovering waste, improper payments and defaulted
assets. Performant is a leading provider of these services in
several industries, including healthcare, student loans and
government. Performant has been providing recovery audit services
for more than nine years to both commercial and government clients,
including serving as a Recovery Auditor for the Centers for
Medicare and Medicaid Services.
Powered by a proprietary analytic platform and
workflow technology, Performant also provides professional services
related to the recovery effort, including reporting capabilities,
support services, customer care and stakeholder training programs
meant to mitigate future instances of improper payments. Founded in
1976, Performant is headquartered in Livermore,
California.
Forward Looking Statements
This press release contains certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations, estimates, assumptions and projections that
are subject to change and actual results may differ materially from
the forward-looking statements. Certain of the statements contained
in this report should be considered forward-looking statements.
These forward-looking statements may be identified by words such as
“may,” “will,” “expect,” “intend,” “anticipate,” “believe,”
“estimate,” “plan,” “project,” “could,” “should,” “would,”
“continue,” “seek,” “target,” “guidance,” “outlook,” “if current
trends continue,” “optimistic,” “forecast” and other similar words.
Such statements include, but are not limited to, statements about
the Company’s plans, objectives, expectations, intentions,
estimates and strategies for the future, and other statements that
are not historical facts. These forward-looking statements are
based on the Company’s current objectives, beliefs and
expectations, and they are subject to significant risks and
uncertainties that may cause actual results and financial position
and timing of certain events to differ materially from the
information in the forward-looking statements. These risks and
uncertainties include, but are not limited to, those set forth in
the Company’s Annual Report on Form 10-K for the year ended
December 31, 2018 (especially in Part I, Item 1A. Risk Factors and
Part II, Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations), and other risks and
uncertainties listed from time to time in the Company’s other
filings with the SEC. There may be other factors of which the
Company is not currently aware that may affect matters discussed in
the forward-looking statements and may also cause actual results to
differ materially from those discussed. In addition, there is
uncertainty about the spread of the COVID-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s products or services, global supply chains and economic
activity in general. The Company does not assume any obligation to
publicly update or supplement any forward-looking statement to
reflect actual results, changes in assumptions or changes in other
factors affecting these forward-looking statements other than as
required by law. Any forward-looking statements speak only as of
the date hereof or as of the dates indicated in the statement.
Contact InformationRichard
ZubekInvestor Relations925-960-4988investors@performantcorp.com
Performant Financial (NASDAQ:PFMT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Performant Financial (NASDAQ:PFMT)
Historical Stock Chart
From Jul 2023 to Jul 2024