Parexel (PRXL) to Delay 10-K After Misappropriation of Corporate Funds
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Parexel (NASDAQ: PRXL) said in an SEC filing that it will delay its 10-K following an an incident of misappropriation of corporate funds.
From the filing:
PAREXEL International Corporation (the “Company”) is filing this Notification of Late Filing on Form 12b-25 with respect to its Annual Report on Form 10-K for the year ending June 30, 2016 (the “2016 Form 10-K”). On August 29, 2016, the due date for the 2016 Form 10-K, the Company received a report of an incident of misappropriation of corporate funds by an employee in one of the Company’s international operations. The Company is reviewing this matter and, accordingly, is unable to file the 2016 Form 10-K by the prescribed due date without unreasonable effort or expense. Based on the information currently available, the Company does not believe the amount of funds misappropriated to be material, but there can be no assurance in this regard until the Company completes its review. The Company expects to file the 2016 Form 10-K as soon as reasonably practicable, and, at this time, the Company anticipates that it will be able to do so within the extension period of 15 calendar days provided under Rule 12b-25 of the Securities Exchange Act, as amended.
This notice contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) and information relating to the Company that are based on the beliefs of the management of the Company. These forward looking statements are subject to risks and uncertainties, including the risk that the review described above uncovers additional misappropriation of funds or other potential malfeasance. Should one of these risks or uncertainties materialize, actual results or outcomes may vary materially from those described as anticipated, believed, estimated, intended, or planned.
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