On January 23, 2017, NCI announced that based on the preliminary findings of an internal investigation, NCI's controller embezzled at least $18 million from the Company over the past six years. NCI's findings thus far indicate that the embezzled funds were reflected as expenses in the Company's financial statements, and concluded that the unaudited interim financial statements for the nine-month period ending September 30, 2016 contain material errors related to the theft, and, therefore, should not be relied upon by investors. NCI stated that it will provide amended financial results for that nine-month period as part of the completion of its financial reporting process for the fiscal year 2016.
On this news, NCI stock has fallen as much as $1.60, or 11.47%, to a low of $12.35 during intraday trading on January 23, 2017.
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Robert S. Willoughby
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SOURCE Pomerantz LLP