My Market Wizard

Filing Category: Auditor Change

  • Laird Superfood, Inc. 8-K Analysis & Summary – 3/14/2025

    Analyst Summary

    • Laird Superfood dismissed Moss Adams LLP as their independent registered public accounting firm, effective March 10, 2025.
    • The dismissal was approved by the Board of Directors.
    • Moss Adams’ reports on the company’s consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
    • There were no disagreements with Moss Adams on any matters of accounting principles or practices, financial statement disclosure, or auditing scope and procedures which, if not resolved, would have caused Moss Adams to make reference to such matters in their report.
    • There were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K.
    • Laird Superfood engaged KPMG LLP as their independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately on March 10, 2025, subject to completion of its standard client acceptance procedures.
    • The Company did not consult with KPMG regarding the application of accounting principles or the type of audit opinion that would be rendered on the Company’s consolidated financial statements during the two most recent fiscal years and in the subsequent interim period through March 10, 2025.

  • BAR HARBOR BANKSHARES 8-K Analysis & Summary – 3/14/2025

    Analyst Summary

    • Bar Harbor Bankshares dismissed RSM US LLP as their independent registered public accounting firm on March 11, 2025.
    • The dismissal of RSM was approved by the Audit Committee of the Board of Directors.
    • RSM’s reports for the fiscal years ended December 31, 2024 and 2023 did not contain any adverse opinions or disclaimers.
    • There were no disagreements with RSM on accounting principles, financial statement disclosure, or auditing scope.
    • On March 13, 2025, Crowe LLP was engaged as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025.
    • The Audit Committee and the Board of Directors considered income tax services previously provided by Crowe LLP and concluded that such services would not adversely affect the independence of Crowe LLP.

  • MAGNACHIP SEMICONDUCTOR Corp 8-K-A Analysis & Summary – 3/14/2025

    Analyst Summary

    • Magnachip Semiconductor Corporation is changing its independent registered public accounting firm from Samil PricewaterhouseCoopers (Samil PWC) to Ernst & Young Han Young (E&Y).
    • The Audit Committee approved the dismissal of Samil PWC effective upon the filing of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
    • The engagement of E&Y is effective following the completion of Samil PWC’s engagement and contingent upon the execution of a satisfactory engagement letter with the Company.
    • Samil PWC’s reports on the company’s consolidated financial statements as of December 31, 2024 and December 31, 2023 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles.
    • There were no disagreements or reportable events with Samil PWC during the fiscal years ended December 31, 2024 and December 31, 2023 and the subsequent period through March 14, 2025.
    • The company has received a letter from Samil PWC agreeing with the disclosures made in the Form 8-K/A.

  • Ero Copper Corp. 6-K Analysis & Summary – 3/14/2025

    Analyst Summary

    • The annual general meeting of shareholders will be held on April 24, 2025, to discuss the audited consolidated financial statements for the year ended December 31, 2024, elect directors, appoint auditors, and vote on executive compensation.
    • The company successfully completed the Tucumã Project on schedule and achieved first saleable copper concentrate production in July 2024.
    • Tucumã’s ramp-up timeline was extended, but the processing plant reached design recovery rates and concentrate grades during the fourth quarter, contributing to record consolidated copper production.
    • The company expects Tucumã to contribute significantly to the full-year consolidated copper production guidance of 75,000 to 85,000 tonnes.
    • Construction of the Pilar Mine’s new external shaft is underway, expected to be completed in 2027, which will support a two-mine system and increase mining rates.
    • An extensive drilling campaign was initiated at the Furnas Copper-Gold Project, with approximately 40,000 meters of exploration drilling expected to be completed in 2025.
    • Makko DeFilippo assumed the role of President and Chief Executive Officer on January 1, 2025, with David Strang serving as Executive Chairman.
    • The company is using the ‘notice and access’ model to deliver proxy materials electronically to shareholders.

    Potential Implications

    Company Performance

    • Successful ramp-up of the Tucumã project is expected to significantly increase copper production.
    • Advancement of the Pilar Mine’s external shaft project will lead to increased mining rates in the long term.
    • Exploration at the Furnas Copper-Gold Project could lead to the discovery of new resources and expansion of operations.

    Stock Price

    • Positive progress on the Tucumã project and increased copper production could positively impact the stock price.
    • Successful exploration results at the Furnas Copper-Gold Project could attract investor interest and increase the stock price.
    • Operational challenges and delays in project ramp-up could negatively impact investor sentiment and the stock price.