Compass Diversified completed the restatement of its financial results for fiscal years 2022-2024 following the discovery of accounting fraud at its Lugano subsidiary.
- Company reclassified long-term debt as current after retrospectively failing financial covenant compliance tests
- Restatement reduced 2024 net revenues by $410.2 million and 2023 net revenues by $275.1 million
- Company expects to file 2025 quarterly results soon to regain compliance with SEC filing requirements
- In talks with senior lenders for credit agreement amendment providing additional flexibility on leverage profile
- Adjusts 2025 guidance for Subsidiary Adjusted EBITDA to between $330 million and $360 million, consistent with prior guidance, excluding ...
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