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On February 18, 2020, Bruker revealed that the Company’s Audit Committee of the Board of Directors had “initiated an internal investigation into an allegation recently received in connection with the year-end close”. The investigation primarily related to income tax matters “including the effective income tax rate for 2019 and the related income tax balance sheet accounts.”
Later, on March 3, 2020, the Company announced it would not timely file its year-end 2019 financial report, citing the internal investigation. Bruker further revealed that it was assessing the impact on financial reporting and internal controls, including disclosure controls and procedures.
Following this news, Bruker’s share price fell sharply.