iANTHUS CAPITAL HOLDINGS, INC. (ITHUF): auditor change — iAnthus restates Q3 2023 results; inventory and liabilities overstated due to consolidation error

iANTHUS CAPITAL HOLDINGS, INC.

Audit committee determined Sept 30, 2023 financials were materially misstated; reliance withdrawn.
Error from intercompany consolidation and inventory valuation overstated inventories and accrued liabilities.
Error understated cost of revenues and overstated income tax expense; no cash impact.
Restated 10-Q expected by February 29, 2024; material weaknesses will be reported.
Company discussed findings with independent auditor PKF O'Connor Davies.

item 4.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

iANTHUS CAPITAL HOLDINGS, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On February 13, 2024, the Audit Committee of the Company’s Board of Directors concluded, after discussion with the Company’s management and its advisors, that the Third Quarter 2023 Interim Financial Statements were materially misstated due to this error. As a result, the Third Quarter 2023 Interim Financial Statements and accompanying earnings release should no longer be relied upon.

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Source: SEC EDGAR

accession 0000950170-24-016396

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