ADTRAN Holdings, Inc. (ADTN): auditor change — ADTRAN restates prior financials due to debt misclassification; material weakness identified

ADTRAN Holdings, Inc.

Misclassification of $60M (Sep'22, Dec'22) and $180M (Mar'23) revolving credit facility balances from current to noncurrent liabilities.
Audit committee concludes prior financials for those periods should not be relied upon; restatements to be filed.
Material weakness in internal control over financial reporting identified; disclosure controls ineffective as of Sep'22 and thereafter.
No impact on income statements, cash flows, liquidity, or covenant compliance; Q2 2023 10-Q delayed via Form 12b-25.

item 4.02 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

ADTRAN Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: PricewaterhouseCoopers LLP

Exact text from the filing

the Audit Committee concluded that management's report on internal control over financial reporting as of December 31, 2022, the opinion of PwC on the Company's consolidated financial statements as of and for fiscal year ended December 31, 2022 and the opinion of PwC on the effectiveness of the Company's internal control over financial reporting as of December 31, 2022, should also no longer be relied upon

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Source: SEC EDGAR

accession 0001193125-23-209039

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