Fabrinet Announces Audit Committee Probe - Quick Facts

(RTTNews) - Fabrinet (FN) said that during the fourth quarter of the fiscal year ended June 27, 2014, some accounting issues were discovered by management, which prompted the Audit Committee to commence an internal investigation.

The Audit Committee is investigating whether there were any violations of the company's accounting policies associated with these potential accounting matters.

The company has also notified the SEC of the Audit Committee's investigation.

The Audit Committee has not reached any conclusion because the investigation is ongoing, and the firm cannot predict the outcome of the investigation or when it will be completed.

The company is also currently evaluating whether there may be any deficiencies with its disclosure controls and procedures and internal control over financial reporting.

As a result, Fabrinet is postponing its fourth quarter and fiscal year 2014 earnings release and conference call, which had been scheduled for August 18.

Fabrinet provides advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products.

FN, which closed at $17.75 on Friday, lost 20.3 percent in pre-market trading.