other material
confidence high
sentiment negative
materiality 0.85
Legacy Housing restates Q1-Q3 2021 financials; material weaknesses cited
Legacy Housing Corp
- Retained earnings to increase by $1.7M at Mar 31, 2021 and $1.9M at Jun 30, 2021.
- Net income adjustments: +$1.7M (Q1), +$0.2M (Q2), -$1.7M (Q3 2021).
- Errors include over/understatement of costs in accounts payable and inventory for periods.
- Management identified material weaknesses in internal control over financial reporting.
- Restated financials to be included in comprehensive 10-K for year ended Dec 31, 2021.