<a href="https://laohu8.com/S/SGRP">SPAR Group</a> Inc. Announces Non-Reliance on Financial Statements Due to Brazilian JV Sale Impact and Reporting Errors
SPAR Group Inc. has announced that its previously issued financial statements for the fiscal years ending December 31, 2024, and December 31, 2023, should not be relied upon. The company, along with its Audit Committee and independent accounting firm BDO USA P.C., identified significant errors related to the sale of its 51% stake in a Brazilian joint venture. This sale, completed on June 3, 2024, was determined to represent a strategic shift in operations, necessitating the restatement of financial results for the affected periods. Consequently, SPAR Group will amend and restate its 2024 Annual Report to reflect the Brazilian JV Sale as discontinued operations. The company is working diligently to address these issues and has expanded its material weaknesses in internal controls over financial reporting. Investors have been advised not to rely on previous earnings releases and related communications from the specified periods.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. SPAR Group Inc. published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001437749-25-022831), on July 16, 2025, and is solely responsible for the information contained therein.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.