Inspired Requires Additional Time To Complete Financial Statements For Q3 2023 And Restate Certain Previously Issued Financial Statements
Portfolio Pulse from Benzinga Newsdesk
Inspired Entertainment, Inc. (NASDAQ:INSE) has announced that it requires additional time to complete its Q3 2023 financial statements and to restate certain previously issued financial statements. The company identified accounting errors related to the capitalization of software development costs. The Audit Committee has determined that the company's consolidated financial statements for periods commencing January 1, 2021, should no longer be relied upon and should be restated. The company's management has concluded that additional material weaknesses exist in the company's internal control over financial reporting.
November 08, 2023 | 11:02 pm
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NEGATIVE IMPACT
Inspired Entertainment's announcement of accounting errors and the need to restate financial statements could negatively impact investor confidence. The identification of material weaknesses in internal control over financial reporting further exacerbates this issue.
The announcement of accounting errors and the need to restate financial statements is a significant negative development for any company. It raises questions about the company's financial management and governance, which could lead to a loss of investor confidence and a potential decline in the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100