Checkpoint Systems (CKP) Reports Certain Financial Statements Should Not Longer be Relied Upon

On March 17, 2014, the Audit Committee of the Board of Directors of Checkpoint Systems, Inc. (NYSE: CKP) concluded that the financial statements contained in the Company’s Annual Reports on Form 10-K for the fiscal years ended on December 25, 2011, December 30, 2012, and Quarterly Reports on Form 10-Q for the three months ended March 31, June 30, and September 29, 2013 should no longer be relied upon due to the combined effect of financial statement errors that the Audit Committee believes are material and are primarily attributable to the timing of the recognition of income related to a transaction previously reported in the Company's current report on Form 8-K filed on June 17, 2011. The Company believes that the restatement will have no effect on cash received from the transaction. The Company intends to file as soon as practicable restated financial statements for fiscal 2011 and 2012 in the Company’s Annual Report on Form 10-K for the year ended December 29, 2013 (the “2013 Form 10-K”). In addition, the Company intends to include in the 2013 Form 10-K restated quarterly financial data for the first three quarters of fiscal 2013 and all quarters within fiscal 2012 and Selected Financial Data for fiscal 2011 and 2012. Based on the information regarding prior years that the Company intends to include in its 2013 Form 10-K, the Company does not intend to file amendments to its 2011 or 2012 Form 10-K or to any of its previously filed Form 10-Qs. The Audit Committee of the Company has discussed the matters disclosed in this Form 8-K pursuant to this Item 4.02(a) with the Company’s independent registered public accounting firm, PricewaterhouseCoopers LLP. Management is assessing the effect of the restatement on the Company’s internal control over financial reporting and disclosure controls and procedures and will report its conclusion regarding the Company’s internal control over financial reporting and the effectiveness of its disclosure controls and procedures in the 2013 Form 10-K.

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