Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, March 11, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises SiTime Corporation (“SiTime” or the “Company”) (NASDAQ: SITM) investors that the law firm has initiated an investigation on behalf of investors that lost money on their SiTime stock. SiTime investors are encouraged to contact the firm to discuss their legal rights.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On January 25, 2024, SiTime revealed in a document submitted to the U.S. Securities and Exchange Commission that the company needs to adjust its previously released quarterly cash flow statements for the first three quarters of 2023. This adjustment is due to an error in classifying 'interest received upon maturity of held-to-maturity securities' as an investment activity rather than as an operational activity in the cash flow statements for those periods. This error has led to the management and the audit committee determining, on January 22, 2024, that the affected financial statements contain significant errors and should not be considered reliable; they plan to issue corrected versions. Furthermore, this error indicated a significant deficiency in SiTime's internal controls over financial reporting and the effectiveness of its disclosure controls and procedures for the dates ending March 31, 2023, June 30, 2023, and September 30, 2023.
Following this announcement, SiTime’s stock price decreased by $4.60, or 3.8%, closing at $116.53 per share on January 26, 2024.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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