Pomerantz LLP, a renowned law firm specializing in corporate, securities, and antitrust class litigation, has initiated an investigation into SiTime Corporation (NASDAQ:SITM) on behalf of investors. The investigation aims to determine whether SiTime, along with certain officers and directors, have been involved in securities fraud or other unlawful business practices. Investors who wish to participate in the investigation are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation stems from SiTime’s recent disclosure in a filing with the U.S. Securities and Exchange Commission. The company revealed that it had identified a correction needed in its historical condensed consolidated statements of cash flows for the first three quarters of 2023. The correction pertains to the misclassification of “interest received upon maturity of held-to-maturity securities” as an investing activity instead of an operating activity in the respective statements of cash flows during that period.
As a result of this misclassification, SiTime’s management and the audit committee of the board of directors concluded that the statements in question were materially misstated and should no longer be relied upon. The company intends to restate these statements. Furthermore, SiTime acknowledged the existence of a material weakness in its internal control over financial reporting as of March 31, 2023, June 30, 2023, and September 30, 2023. This material weakness affected the effectiveness of the company’s disclosure controls and procedures during the same period.
Following this news, SiTime’s stock price experienced a decline of $4.60 per share, representing a 3.8% decrease, and closed at $116.53 per share on January 26, 2024.
SiTime Corporation, a leading provider of silicon timing solutions, has been at the forefront of innovation in the industry. The company’s commitment to delivering high-quality products and services has earned it a strong reputation among customers and investors alike.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is recognized as one of the premier firms in the field of corporate, securities, and antitrust class litigation. Founded by Abraham L. Pomerantz, a respected figure in the class action bar, the firm has a long-standing history of fighting for the rights of victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. Over the years, Pomerantz has successfully recovered billions of dollars in damages on behalf of class members.
SiTime Corporation and Pomerantz LLP are both committed to upholding the highest standards of integrity and transparency. As the investigation progresses, it is essential to allow the legal process to unfold and provide a fair and impartial assessment of the allegations.
