NEW YORK, NY / ACCESSWIRE / October 1, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Laser Photonics Corporation ("Laser Photonics" or the "Company") (NASDAQ:LASE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Laser Photonics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 23, 2024, Laser Photonics disclosed in a filing with the U.S. Securities and Exchange Commission "that the Company's previously issued financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and the Quarterly Report on Form 10-Q for the period ended June 30, 2024, should no longer be relied upon as a result of the Company's predecessor auditor, Fruci & Associates II, PLLC (‘Fruci'), identifying an adjusting entry that Fruci had proposed and that was posted by the Company that overstated deferred revenue and needed to be corrected as discussed in further detail in Note 7 of the December 31, 2023, financial statements in the Company's Form 10-K/A that it filed on August 28, 2024, and the Form 10-Q/A filed September 12, 2024."
On this news, Laser Photonics' stock price fell $6.90 per share, or 36.7%, over the following two trading sessions, to close at $11.90 per share on September 25, 2024.
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SOURCE: Pomerantz LLP