Finance of America Companies Inc. has announced a regulatory issue concerning its financial statements, as outlined in a recent Form 8-K filing. The company plans to amend its Annual Report on Form 10-K for the year ending December 31, 2024, and its Quarterly Reports on Form 10-Q for the quarters ending June 30 and September 30, 2024. These amendments aim to correct an understatement of "net cash provided by investing activities" and an overstatement of "net cash provided by (used in) financing activities" in the company's consolidated statements of cash flows, with no impact on operating or total cash flows. Additionally, the company has delayed its filing of the Quarterly Report on Form 10-Q for the period ending March 31, 2025, due to these issues, with plans to file by May 20, 2025, as allowed by SEC regulations. The errors have highlighted a material weakness in the company's internal financial controls, prompting management to develop a remediation plan to address these deficiencies.
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