VERU INC. (VERU): auditor change — VERU restates Q3 FY2023 results; recognizes material weakness, going concern doubt

VERU INC.

Gain on sale of ENTADFI assets overstated by ~$12.7M; corrected gain is $4.7M.
$14M in notes receivable improperly recorded; should not have been recognized due to collectability uncertainty.
Company concludes substantial doubt about its ability to continue as a going concern.
Material weakness identified in internal controls over nonrecurring transaction accounting.
Prior June 30, 2023 financials should no longer be relied upon; amended 10-Q/A to be filed.

item 4.02

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

VERU INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 10, 2023, in connection with the preparation of consolidated financial statements for the year ended September 30, 2023, Veru Inc. (the “Company”) concluded that its previously issued unaudited condensed consolidated financial statements as of and for the three and nine months ended June 30, 2023 (the “Prior Financial Statements”) should no longer be relied upon due to the identification of an error related to the accounting for the sale of ENTADFI assets on April 19, 2023

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Source: SEC EDGAR

accession 0001193125-23-277950

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