<a href="https://laohu8.com/S/PETS">PetMed Express</a> Announces $1.2 Million Impairment and Delayed Annual Report Following Audit Committee Investigation into Revenue Recognition and Internal Controls
**PetMed Express Inc. Announces $1.2 Million Impairment and Concludes Internal Investigation** PetMed Express Inc. disclosed that its Audit Committee has determined a non-cash impairment charge of $1.2 million related to the PCRX trade name, acquired in the April 2023 purchase of PetCareRx. The impairment, which will be recorded for the quarter ended March 31, 2025, follows annual testing that showed reduced actual and forecasted revenues for the brand. The company stated that the impairment will not result in future cash expenditures. Additionally, PetMed Express announced the conclusion of a previously disclosed internal investigation, conducted by the Audit Committee with outside legal and forensic experts, into allegations raised via the company's whistleblower hotline. The investigation focused on revenue recognition timing, a customer coupon promotion, and the company's control environment. The company had delayed filing its Annual Report on Form 10-K for the fiscal year ended March 31, 2025, while the investigation was underway.
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