ADTRAN disclosed in a filing on May 13, 2025, with the U.S. Securities and Exchange Commission that "the Company's (i) audited consolidated financial statements as of and for the years ended December 31, 2024 (‘Fiscal 2024') and December 31, 2023 (‘Fiscal 2023') included in the Company's Annual Report on Form 10-K filed with the SEC on March 3, 2025 (the ‘2024 Form 10-K'), and (ii) unaudited condensed financial statements as of and for the interim periods ended March 31, 2024, June 30, 2024 and September 30, 2024 (the ‘2024 Interim Periods') included in the Company's Quarterly Reports filed with the SEC on May 10, 2024, August 9, 2024, and November 12, 2024, respectively (such 2024 Interim Periods, collectively with Fiscal 2024 and Fiscal 2023, the ‘Non-Reliance Periods'), as well as the relevant portions of any communication which describe or are based on such financial statements, should no longer be relied upon" and would be restated. ADTRAN stated that "management is evaluating the impact of this matter on its internal control over financial reporting as of December 31, 2024 and has identified at least one additional material weakness."
Following this news, ADTRAN's stock price fell over 4% on May 14, 2025.
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