Courtesy of Benzinga.
Cubic Corporation (NYSE: CUB) today announced that the Audit Committee of the Board of Directors of Cubic Corporation, after consultation with Ernst & Young LLP, the company’s independent registered public accounting firm, determined that Cubic’s financial statements for the fiscal years ended September 30, 2011, 2010 and 2009, the quarters ended March 31, 2012 and December 31, 2011, and each of the prior quarters of 2011 and 2010 can no longer be relied upon as being in compliance with generally accepted accounting principles. Accordingly, the company will restate such financial statements.
Similarly, related press releases, Ernst & Young’s reports on the financial statements, including the effectiveness of internal control over financial reporting, and shareholder communications describing the company’s financial statements for these periods should no longer be relied upon.
