On January 23, 2017, NCI divulged that based on the initial findings of its internal investigation, it has found that the Company's controller embezzled over $18 million from NCI over the past six years. NCI found that the embezzled funds were labeled as expenses in the Company's financial statements, and established that the unaudited provisional financial statements for the nine-month period ending September 30, 2016 contain material errors connected to the theft, and consequently, should not be relied upon. NCI said that it will deliver corrected financial results for that nine-month period as part of the conclusion of its financial reporting process for the 2016 fiscal year. Following this news, NCI stock dropped as much as $1.60 per share, or 11.47%, to a low of $12.35 during intraday trading on January 23, 2017.
If you are aware of any facts relating to this investigation, or purchased NCI shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/ncit. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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SOURCE Bronstein, Gewirtz & Grossman, LLC