Wolf Popper LLP Announces Investigation on Behalf of Investors in Sanmina Corporation
Case Updates |
05/22/2023
NEW YORK, May 22, 2023: Wolf Popper LLP is investigating potential securities fraud claims on behalf of purchasers of Sanmina Corporation (“Sanmina”) units (NASDAQ: SANM).
Sanmina is an integrated manufacturing solutions company servicing the industrial, medical, defense, automotive, communications networks and cloud infrastructure markets.
On May 11, 2023 after the markets closed, Sanmina filed a Form 8-K with the SEC disclosing that during the preparation of its unaudited consolidated financial statements for the fiscal quarter ended April 1, 2023, the Company discovered that “certain personnel” within the Company’s Components, Products and Services business “had failed to properly substantiate and update cost estimates for materials and other costs over the life of certain contracts,” and that an independent investigation found that “revenue was over/(understated) by approximately $10.2 million, $18.3 million, ($29.1 million), and $5.6 million, and GAAP earnings per share was over/(understated) by approximately $0.09, $0.29, $0.25, and ($0.06) in the fiscal years ended October 3, 2020, October 2, 2021 and October 1, 2022, and the first fiscal quarter ended December 31, 2022, respectively.” Sanmina also noted that financial statements issued during the affected periods should no longer be relied upon.
On this news, Sanmina’s share price fell $3.05, or 5.7%, to close at $50.50 per share on May 12, 2023 on heavy volume.
Investors who have lost over $50,000 trading in Sanmina securities and who would like to discuss the investigation should contact Adam Savett at (212) 451-9655, or outreach@wolfpopper.com.
Wolf Popper has successfully recovered billions of dollars for defrauded investors. Wolf Popper’s reputation and expertise have been repeatedly recognized by the courts, which have appointed the firm to major positions in securities litigation. For more information about Wolf Popper, please visit the Firm’s website at www.wolfpopper.com.
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Contact Instructions
Phone: Adam Savett - (212) 451-9655
Email: outreach@wolfpopper.com