---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-047321"
form_type: "8-K"
ticker: null
cik: "0001401395"
company_name: "Neptune Wellness Solutions Inc."
filed_at: "2023-09-08T23:59:59+00:00"
generated_at: "2026-06-10T22:04:15.562522+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Neptune Wellness restates Q1 FY2024 financials, completes 1:40 reverse split, settles class action for $2.75M

## Summary
- Non-reliance on Q1 FY2024 financials due to accounting policy error; restatement increases cost of sales by $1.47M, decreases SG&A by same, no net loss impact.
- Completed 1:40 reverse stock split; shares reduced from ~24.1M to ~0.6M; trading on Nasdaq begins Sept 8.
- Final court approval of Gong v. Neptune shareholder class action settlement; Company to issue $2.75M in common shares within 31 days.
- Restatement corrects cost classification for June 30, 2023 and 2022 periods; no effect on cash flows or financial position.

## SEC filing metadata
- accession: 0000950170-23-047321
- form_type: 8-K
- cik: 0001401395
- company_name: Neptune Wellness Solutions Inc.
- filed_at: 2023-09-08T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 3.03, 5.03, 4.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1401395/000095017023047321/0000950170-23-047321-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1401395/000095017023047321/nept-20230905.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-047321
- JSON: https://secwatch.observer/filing/0000950170-23-047321.json
- Plain text: https://secwatch.observer/filing/0000950170-23-047321.txt

## Key facts
- Auditor Changes
  Neptune Wellness Solutions Inc. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  source text: The effect of the restatement is to increase cost of sales by $1,468,648 with an offsetting decrease in selling, general and administrative expense for the three month period ended June 30, 2023, and a decrease in cost of sales by $1,585,120 with an offsetting increase in selling, general and administrative expense for the three month period ended June 30, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1401395/000095017023047321/0000950170-23-047321-index.htm
- Governance Changes
  Neptune Wellness Solutions Inc.: Filed Articles of Amendment to effect a 1-for-40 share consolidation of common shares (effective 2023-09-06).
  - Change: charter amendment
  - Effective: 2023-09-06
  source text: On September 6, 2023, the Company filed Articles of Amendment to the Articles of Incorporation of the Company to effect a 1-for-40 share consolidation (the "share consolidation") of the common shares of the Company (the "Common Shares").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1401395/000095017023047321/0000950170-23-047321-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.