Universal ( (UVV) ) has released a notification of late filing.
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Universal Corporation has filed a Form 12b-25 for its delayed Form 10-Q (Quarter Report) for the financial period ending December 31, 2024. The delay is primarily due to an internal investigation into embezzlement by a former senior finance employee at its Mozambique subsidiary, which has uncovered unauthorized payments totaling approximately $16.7 million from 2016 through 2025. The company is working diligently to complete this investigation but cannot predict its timeline. Despite the investigation, Universal Corporation does not anticipate that material adjustments to previous financial statements will be necessary, and it is pursuing recovery options. The company expects to report material weaknesses in its internal controls in its filings post-investigation. The notification was signed by Preston D. Wigner, Chairman, President, and CEO.
More about Universal
YTD Price Performance: -2.40%
Average Trading Volume: 145,576
Technical Sentiment Consensus Rating: Strong Sell
Current Market Cap: $1.3B
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