NEWARK, Calif. & LAUSANNE, Switzerland--(BUSINESS WIRE)--
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced a
delay in the filing of its Quarterly Report on Form 10-Q for the quarter
ended Sept. 30, 2014.
As previously disclosed, Logitech's Audit Committee, with the assistance
of independent advisors, conducted an independent investigation of
certain accounting matters related to the Company's previously issued
financial statements. The Company also disclosed that it will restate
its financial statements for the Fiscal Year ended March 31, 2012,
selected financial data as of March 31, 2012 and 2011, and unaudited
quarterly financial data as of and for the quarter ended June 30, 2011
due to an accounting misstatement for inventory valuation reserves for
Logitech's discontinued Revue product. With the investigation now
closed, Logitech has been performing the necessary work to complete and
file its Annual Report for Fiscal Year 2014 in Switzerland and its
Annual Report on Form 10-K for Fiscal Year 2014 and Quarterly Reports on
Form 10-Q for the first and second quarters of Fiscal Year 2015 in the
United States.
Recently, unrelated to the Audit Committee's independent investigation,
Logitech's independent registered public accounting firm in the United
States, PricewaterhouseCoopers LLP (PwC), brought an issue regarding its
independence to the attention of the Company and the Audit Committee.
The issue is based on non-audit, software consulting services provided
by PwC to the Company during Fiscal Year 2015, which were contracted for
in June 2014 for $105,000 and begun in August 2014.
Based on their current view of the matter and their interpretation of
the SEC's requirements for independence, PwC and Logitech currently
believe that PwC remains independent and has maintained the requisite
objectivity with respect to the financial periods covered by Logitech's
Fiscal Years 2012, 2013 and 2014 financial statements and internal
control over financial reporting as of March 31, 2014, as well as the
financial statements for the first quarter of Fiscal Year 2015. In
consideration of the specific facts and circumstances related to this
situation, PwC informed Logitech on Nov. 6, 2014 that it has concluded
it is not independent with respect to the second quarter of Fiscal Year
2015. The Company continues to work with PwC to file its Annual Report
for Fiscal Year 2014 in Switzerland and its 10-K for Fiscal Year 2014
and 10-Q for the first quarter of Fiscal Year 2015 in the United States
as soon as possible and is currently pursuing its options with respect
to the second quarter of Fiscal Year 2015 and subsequent periods.
Provided that the Company is able to file its Annual Report and 10-K for
Fiscal Year 2014 by Nov. 26, 2014, the Company intends to hold
its 2014 Annual General Meeting on Dec. 18, 2014, in Lausanne,
Switzerland.
About Logitech
Logitech is a world leader in products that connect people to the
digital experiences they care about. Spanning multiple computing,
communication and entertainment platforms, Logitech's combined hardware
and software enable or enhance digital navigation, music and video
entertainment, gaming, social networking, audio and video communication
over the Internet, video security and home-entertainment control.
Founded in 1981, Logitech International is a Swiss public company listed
on the SIX Swiss Exchange (LOGN) and on the Nasdaq Global Select Market
(LOGI).
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding: the timing of filing the Company's Annual Report
for Fiscal Year 2014 in Switzerland; the timing of filing the Company's
Annual Report on Form 10-K for Fiscal Year 2014 and its Quarterly
Reports on Form 10-Q for the first and second quarters of Fiscal Year
2015 in the United States; the timing of the Company's 2014 Annual
General Meeting; and the timing and ability of PwC to issue its opinions
on Logitech's Fiscal Year 2012, 2013 and 2014 financial statements and
internal control over financial reporting as of March 31, 2014 or to
complete its review of the Company's first quarter of Fiscal Year 2015
10-Q financial statements.
Forward-looking statements by their nature address matters that are, to
different degrees, uncertain. Forward-looking statements involve a
number of assumptions, risks and uncertainties that could cause actual
results to differ materially. Important factors that could cause actual
results to differ materially from those suggested by the forward-looking
statements in this press release include, but are not limited to, the
timing and final resolution of the issue regarding the independence of
PwC, any delay it may cause in the filing of required periodic reports
with the Securities and Exchange Commission and SIX Swiss Exchange, and
the effect on the timing of the 2014 Annual General Meeting of a delay
in filing the 2014 Annual Report on Form 10-K.
In addition, please refer to the risk factors contained in Logitech's
periodic filings with the Securities and Exchange Commission, including
our Quarterly Report on Form 10-Q for the fiscal quarter ended December
31, 2013 and our Amended Annual Report on Form 10-K/A for the fiscal
year ended March 31, 2013, available at www.sec.gov,
under the caption Risk Factors and elsewhere. Logitech does not
undertake any obligation to update any forward-looking statements to
reflect new information or events or circumstances occurring after the
date of this press release.
Logitech, the Logitech logo, and other Logitech marks are registered in
Switzerland and other countries. All other trademarks are the property
of their respective owners. For more information about Logitech and its
products, visit the company's Web site at www.logitech.com.
(LOGIIR)
Logitech International
Joe Greenhalgh
Vice President, Investor
Relations - USA
510-713-4430
Nancy Morrison
Corporate
Communications - USA
510-713-4948
Ben Starkie
Corporate
Communications - Europe
+41-(0) 79-292-3499
Source: Logitech International
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