In a recent development, the Securities and Exchange Commission (SEC) has finalized a settlement with the accounting firm BF Borgers CPA PC, resulting in a permanent ban on the firm from appearing or practicing before the SEC. This settlement, announced on May 3, 2024, comes after the firm's dismissal as the auditor for Trump Media & Technology Group (NASDAQ: DJT) on the same day.
Trump Media, in response to the settlement, acted swiftly by terminating its relationship with BF Borgers and appointing a new auditor, Semple, Marchal & Cooper, LLC (SMC), on the following day, May 4, 2024. This decision was disclosed in the company's Current Report on Form 8-K filed with the SEC on May 6, 2024.
The change in auditors has led to a delay in Trump Media's financial reporting. The company was unable to complete the review of its financial statements for the quarter ended March 31, 2024, in time for the prescribed filing date of its Quarterly Report on Form 10-Q. Trump Media has communicated its intention to file the overdue quarterly report no later than the fifth calendar day following the original due date.
This delay in financial reporting could be of interest to investors and market watchers, as it represents a deviation from regular SEC filing schedules. The company has not disclosed any further details regarding the reasons behind the SEC's action against BF Borgers or the potential impact of the auditor change on its financial statements.
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