Fabrinet (NYSE:FN) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
Fabrinet
Affected Securities: 
NYSE: FN

September 19, 2014 (Update) - On September 10, 2014, Fabrinet (NYSE:FN) disclosed that it is delaying its Annual Report on Form 10-K for the year ended June 27, 2014. Fabrinet stated that it will be delayed beyond the required filing date of September 10, 2014.

Shares of Fabrinet (NYSE:FN) declined to $15.00 per share on September 16, 2014.

August 21, 2014 (Shareholders Foundation) - An investigation on behalf of investors of Fabrinet (NYSE:FN) shares over potential securities laws violations by Fabrinet and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Fabrinet (NYSE:FN) concerning whether a series of statements by Fabrinet regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Fabrinet reported that its Total Revenue rose from $564.73 million for the 12 months period that ended on June 29, 2012 to $641.54 million for the 52 weeks period that ended on June 28, 2013 and that its Net Loss of $56.47 million for the 12 months period that ended on June 29, 2012 turned into a Net Income of $68.97 million for the 52 weeks period that ended on June 28, 2013. Shares of Fabrinet (NYSE:FN) grew from $9.35 per share in October 2012 to as high as $21.82 per share in May 2014.

Then on August 18, 2014, Fabrinet (NYSE:FN) announced that during the fourth quarter of the fiscal year ended June 27, 2014, certain accounting issues were discovered by management, which prompted the Audit Committee to commence an internal investigation. Fabrinet said that its Audit Committee is investigating whether there were any violations of the Company's accounting policies associated with these potential accounting matters and that the Company has also notified the SEC of the Audit Committee's investigation. Shares of Fabrinet declined from $19.67 per share on August 11, 2014, to $13.57 per share on August 18, 2014.

On August 21, 2014, NYSE:FN shares closed at $15.00 per share.