Emergent Biosolutions Said As Part Of Quarterly Review Process For Quarter Ended Sept 30, 2023, Co Determined Net State Deferred Tax Liability Overstated As Of Dec 31, 2022
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Emergent Biosolutions (EBS) announced that during their quarterly review for the quarter ended September 30, 2023, they discovered an overstatement of their net state deferred tax liability as of December 31, 2022. Consequently, the financial statements included in the original Form 10-K should no longer be relied upon, indicating a need for restatement.
December 11, 2023 | 12:26 pm
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Emergent Biosolutions identified an overstatement in their net state deferred tax liability from December 31, 2022, and acknowledged that their previously issued financial statements should not be relied upon.
The announcement of a financial restatement due to an error in tax liability calculations is typically seen as a negative event by the market. It undermines investor confidence in the company's financial reporting accuracy and could lead to a short-term decline in stock price as the market reacts to the uncertainty and potential implications of the restatement.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100