Apr 18, 2002 : MFN Further Delays Annual Report Filing
📅 - Metromedia Fiber Network Inc. (mfn.com), a leading provider of digital communications infrastructure, announced on Wednesday that it has further delayed the filing of its annual report on Form 10-K for the year ended December 31, 2001 with the Securities and Exchange Commission. The company had originally announced that it intended to file the report by April 16, 2002, the extended due date for filing according to SEC rules.
The company also announced that along with KPMG LLP, appointed as MFN's auditors in December 2001, it is reexamining its reported operating results for each of the quarterly periods included in that fiscal year. MFN says it believes a number of adjustments will be necessary, and expects to restate its quarterly results for each of the first three quarters of the fiscal year ended December 31, 2001.
MFN says it has been informed by KPMG that it was not able to review the quarterly data that is expected to be included in the annual report in accordance with professional standards because MFN's internal control structure and policies procedures for the preparation of interim financial information did not provide an accurate basis for it to complete such a review.
According to MFN, the company separately notified stockholders whose shares of MFN's class A common stock and convertible securities were registered on the company's registration statement on Form S-3 as of December 21, 2001, that the registration statement was no longer current, and that they should suspend sales under that registration statement immediately.
And as a result of MFN's failure to file it's annual report on time, MFN's stockholders will not be able to sell MFN securities according to Rule 144 of the Securities Act of 1933.
The company also announced that along with KPMG LLP, appointed as MFN's auditors in December 2001, it is reexamining its reported operating results for each of the quarterly periods included in that fiscal year. MFN says it believes a number of adjustments will be necessary, and expects to restate its quarterly results for each of the first three quarters of the fiscal year ended December 31, 2001.
MFN says it has been informed by KPMG that it was not able to review the quarterly data that is expected to be included in the annual report in accordance with professional standards because MFN's internal control structure and policies procedures for the preparation of interim financial information did not provide an accurate basis for it to complete such a review.
According to MFN, the company separately notified stockholders whose shares of MFN's class A common stock and convertible securities were registered on the company's registration statement on Form S-3 as of December 21, 2001, that the registration statement was no longer current, and that they should suspend sales under that registration statement immediately.
And as a result of MFN's failure to file it's annual report on time, MFN's stockholders will not be able to sell MFN securities according to Rule 144 of the Securities Act of 1933.
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