Immersion delays 10-K filing; BNED subsidiary reveals up to $23M accounts receivable overstatement

IMMERSION CORP

Delays annual report filing due to internal investigation at subsidiary BNED for potential $23M accounts receivable overstatement.
Preliminary FY2025 revenue $1.6B (vs $33.9M prior year); cash and debt unaffected by investigation.
Payment processing employee suspended; BNED expects at least one material weakness in internal controls.
Investigation ongoing; BNED may require restatement of previously issued financial statements.

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