---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-020617"
form_type: "8-K"
ticker: "SENEB"
cik: "0000088948"
company_name: "Seneca Foods Corp"
filed_at: "2023-07-25T23:59:59+00:00"
generated_at: "2026-06-13T03:47:17.108106+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Seneca Foods restates FY2022-2023 financials; LIFO errors reduce net earnings by $23.9M and $4.8M

## Summary
- Errors in LIFO inventory valuation caused understatement of cost of products sold by $31.6M in FY2023 and $6.3M in FY2022.
- Net earnings reduced by $23.9M in FY2023 and $4.8M in FY2022 due to the errors.
- Adjustments are non-cash; no impact on cash position, cash flow, revenues, or liquidity.
- Material weakness identified in internal control over financial reporting; remediation testing expected by FY2024.
- Company will file amended 10-K/A for FY2023 including restated financials for both years.

## SEC filing metadata
- accession: 0001437749-23-020617
- form_type: 8-K
- ticker: SENEB
- cik: 0000088948
- company_name: Seneca Foods Corp
- filed_at: 2023-07-25T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/88948/000143774923020617/0001437749-23-020617-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/88948/000143774923020617/senea20230718_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-020617
- JSON: https://secwatch.observer/filing/0001437749-23-020617.json
- Plain text: https://secwatch.observer/filing/0001437749-23-020617.txt

## Key facts
- Auditor Changes
  Seneca Foods Corp reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Plante Moran, P.C.
  source text: On July 19, 2023, the Audit Committee of Seneca Foods Corporation (the “Company”), after consultation with the Company’s management, including the Chief Financial Officer and Corporate Controller (the "Authorized Officers"), concluded that the following financial statements previously filed by the Company with the Securities and Exchange Commission (“Commission”) should no longer be relied upon due to errors in such financial statements relating to the accounting for valuing inventory using the last-in, first-out ("LIFO") method and related internal controls
  evidence_url: https://www.sec.gov/Archives/edgar/data/88948/000143774923020617/0001437749-23-020617-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.