Compass Diversified Holdings has announced that its financial results for the fiscal year 2024 have been restated following an ongoing investigation into its subsidiary, Lugano Holdings, Inc. The restatement comes after the discovery of irregularities in Lugano's non-CODI financing, accounting, and inventory practices, which rendered the previous financial statements unreliable. These financial discrepancies have been attributed to unrecorded financing arrangements and irregularities in sales, cost of sales, inventory, and accounts receivable. As a result, the company has also delayed the release of its Q1 2025 Form 10-Q. This decision has significantly impacted investor confidence, as reflected in the sharp decline in Compass's common stock price by 62% following the announcement. The company is currently facing securities class actions, with investors being encouraged to join the lawsuit before the July 8, 2025, lead plaintiff motion deadline.
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