Immersion restates prior quarters due to BNED accounting errors; employee suspended

IMMERSION CORP

Board concludes Q3 FY2025, Q2 FY2025, and Q2 FY2024 financials should no longer be relied upon.
Correcting cost of digital sales: cost of sales up $13.1M for Oct 31, 2024; up $11.2M for Jan 31, 2025.
$3.5M of sales in Q3 FY2025 did not meet revenue recognition criteria; sales and receivables decreased.
Material weaknesses in internal control over financial reporting and disclosure controls expected for FY2025.
Payment processing employee suspended; BNED has contacted SEC and intends to cooperate fully.

item 4.02

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