Lee Enterprises discloses material weaknesses in internal controls; 10-K filing delayed

LEE ENTERPRISES, Inc

Material weaknesses in IT user access controls and validation of third-party service organization data; disclosure controls also ineffective.
Evaluating a deferred tax asset from a 2009 transaction; may require write-down and adjustment to previously issued financial statements.
Remediation plan includes user access review, enhanced controls, and training; no timeline for filing 10-K provided.
Company expects no changes to reported FY2022 operating results outside of potential deferred tax asset adjustment.
Management and Audit Committee concluded internal control over financial reporting was not effective as of Sept 25, 2022.

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