SiTime Corporation Lawsuit Submission Form
January 25, 2024, SiTime disclosed in a filing with the U.S. Securities and Exchange Commission that the Company "has identified a correction required to be made in its historical condensed consolidated statements of cash flows for each of the first three quarters of 2023. The correction relates solely to the misclassification of ‘interest received upon maturity of held-to-maturity securities' as an investing activity instead of as an operating activity in the respective condensed consolidated statements of cash flows in each of the first three quarters of 2023 (the ‘Misclassification')." Accordingly, "[o]n January 22, 2024, management and the audit committee of the board of directors of the Company concluded that, as a result of the Misclassification and in accordance with, Staff Accounting Bulletin No. 99, ‘Materiality,'" the statements at issue were materially misstated, should no longer be relied upon, and will be restated. In addition, SiTime "concluded that, as a result of the Misclassification, a material weakness existed in the Company's internal control over financial reporting as of March 31, 2023, June 30, 2023, and September 30, 2023, and that, because of this material weakness, the Company's disclosure controls and procedures were not effective as of March 31, 2023, June 30, 2023, and September 30, 2023."
On January 26, 2024 following this news, SiTime's stock price fell over 2.7%.