Emergent BioSolutions Inc. (EBS): auditor change — Emergent BioSolutions to restate 2022 financials after $11.7M tax error; ICFR material weakness

Emergent BioSolutions Inc.

Audit Committee concluded 2022 audited financials no longer reliable due to $11.7M understatement of income tax benefit.
Error in net state deferred tax liability calculation; non-cash item impacting 2022 results.
Material weakness in internal control over financial reporting identified; management's report and EY opinion no longer reliable.
Company will restate 2022 financials via amended 10-K and file delayed Q3 2023 10-Q as soon as practicable.
Previously filed Form 12b-25 on Nov 9, 2023 for delayed Q3 report.

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

Emergent BioSolutions Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

should no longer be relied upon due to certain errors in the calculation and review of the Company's net state deferred tax liability

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Source: SEC EDGAR

accession 0001367644-23-000193

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