ADTRAN Holdings restates FY23/FY24 results; €5.7M inventory error; annual meeting postponed

ADTRAN Holdings, Inc.

Audit Committee concludes 2023 and 2024 annual and interim financials should no longer be relied upon due to inventory adjustment.
Subsidiary Adtran Networks SE's €5.7M increase in cost of goods sold was not properly communicated before filing.
At least one additional material weakness identified in internal controls; PwC opinions on prior periods withdrawn.
Annual meeting postponed from May 14, 2025 pending restatement; Form 12b-25 to be filed for Q1 10-Q extension.

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