SiTime Corporation
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
On January 25, 2024, SiTime revealed in a document submitted to the U.S. Securities and Exchange Commission that the company needs to adjust its previously released quarterly cash flow statements for the first three quarters of 2023. This adjustment is due to an error in classifying ‘interest received upon maturity of held-to-maturity securities’ as an investment activity rather than as an operational activity in the cash flow statements for those periods. This error has led to the management and the audit committee determining, on January 22, 2024, that the affected financial statements contain significant errors and should not be considered reliable; they plan to issue corrected versions. Furthermore, this error indicated a significant deficiency in SiTime’s internal controls over financial reporting and the effectiveness of its disclosure controls and procedures for the dates ending March 31, 2023, June 30, 2023, and September 30, 2023.
Following this announcement, SiTime’s stock price decreased by $4.60, or 3.8%, closing at $116.53 per share on January 26, 2024.
