Argan reports phishing scheme causing ~$3M fraudulent wire transfers; expects one-time charge

ARGAN INC

Fraudulent wire transfers occurred on March 6-7, 2023 due to a complex criminal phishing scheme.
Expects a one-time pre-tax charge of approximately $3.0 million in Q1 fiscal 2024 for unrecovered funds.
Up to $0.2 million may be recovered through insurance net of deductible; company contacted law enforcement.
No evidence of unauthorized access to other data; implementing redundant controls and retaining forensic experts.
Company does not expect material impact on business or ability to service customers.

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