CBIZ discloses material weaknesses, rescission offer for ESPP over-issuance of 481K shares

CBIZ, Inc.

Up to 481,049 shares purchased in excess of ESPP authorization from Oct 2023 to Apr 2026; voluntary rescission offer with potential payments up to ~$20.2M.
Material weaknesses identified in ESPP administration and goodwill reassignment; prior internal control reports for FY2025 no longer reliable.
Immaterial revisions to Q1 2026: net income reduced by $8.8M, EPS from $2.63 to $2.49.
Company expects to file 10-K amendment with adverse opinion on internal controls; remediation plan underway.
No impact on previously issued financial statements; KPMG's opinion on financials remains unchanged.

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