Performance Sports Group (PSG) Plunges After Announcing 10-K Delay, Expected Default
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Performance Sports Group (NYSE: PSG) plunged after announced that it its 10-K will not be filed by the required filing date of August 15, 2016. The failure is expected to result in a default under the Company's credit facilities.
Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) ("Performance Sports Group" or the "Company"), a leading developer and manufacturer of high performance sports equipment and apparel, announced today that its Annual Report on Form 10-K, including its annual audited financial statements for the fiscal year ended May 31, 2016 and the related management's discussion and analysis (collectively, the "Form 10-K"), will not be filed by the required filing date of August 15, 2016.
The delay is a result of the decision of Performance Sports Group's Audit Committee to conduct an internal investigation in connection with the finalization of the Company's financial statements and the related certification process. To assist with this matter, the Audit Committee has retained independent counsel, Richards Kibbe & Orbe LLP, and independent financial advisors.
The Audit Committee and its advisors are working diligently to complete the investigation with a view to having the Company finalize the Form 10-K as soon as practicable, although at this time it is uncertain when this will occur.
The failure to file the Annual Report on Form 10-K on time is expected to result in a default under the Company's credit facilities. The Company has initiated discussions with its lenders to address this issue. There can be no assurances as to the outcome of such discussions.
The Company currently continues operating its business and serving its customers in the normal course.
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