secwatch.observer — SEC 8-K summary
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Issuer:     AZEK Co Inc. (—)
CIK:        0001782754
Form:       8-K
Filed at:   2024-05-08T23:59:59+00:00
Accession:  0001628280-24-021666
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 4.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AZEK restates FY2021-2023 due to inventory fraud; preliminary Q2 beats, raises FY2024 outlook
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- Former employee misstated inventory; income overstated $26-29M aggregate across FY2021-2023 and prior; financials no longer reliable.
- Preliminary Q2 FY2024 net sales $418.4M (+11% YoY); residential segment $402.5M (+18% YoY).
- YTD FY2024 net income $74-75M, adjusted EBITDA $167-169M (margin ~25.3-25.6%).
- Audit Committee concluded restatement; no management involvement; material weaknesses expected.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1782754/000162828024021666/0001628280-24-021666-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1782754/000162828024021666/azek-20240507.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-021666

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