Misstated amounts for 2013, 2014, and Q1, Q2 and Q3 in 2015 were restated and thus causing the late filing.
According to filings made with the Securities and Exchange Commission (SEC), and after reported metrics filed yesterday, Gain Capital Holding Inc. (NYSE: GCAP) today filed a Form 12b-25 which is a notification of late filing, as it doesn't anticipate that it will be able to complete its 10-K for the period ending December 31st 2015 in time.
The company concluded that because of accounting errors in the manner that it accounted for certain taxes in recent years, its 2013, 2014 and the first three-quarters of 2015 will need to be restated, and as it detailed in yesterday's filing.
It said that the way inter-company payables and receivables were handled among domestic and overseas subsidiaries of the company, in terms of how they were treated for tax purposes during the impacted periods, were to blame for the misstated numbers.
In addition, Gain said that the firm's management has already started implementing preventive and detective controls requiring the enhanced review of the accounting processes related to the transactions in question which included between domestic and overseas subsidiaries.
Because of this, the company was unable to file the 10-K form in time, and the filing it made today provides for an additional 15-day extension.
The company's stock is already down 6% since yesterday, yet the filing today said that the company didn't expect the results reported in the Form 10-K to be materially different from the results announced yesterday, filed with the SEC in the Company's Current Report on Form 8-K dated March 15, 2016.
Finance Magnates reported yesterday after the company's 8K filings revealed a slump and mixed results for last quarter. It's not clear as to whether the error could bring about any action from the SEC, which could be adding to downside pressure on the company's stock price recently.
An excerpt of their 8-K filing from yesterday for Q2 last year shows a small difference in the restated amount, which brought the diluted earnings per share from .20 to .07 during the affected period.
Shortly after publication, a company spokesperson stated that this is due to technical tax matter, and it has not materially impacted the underlying strength of the business of the brokerage. In terms of any prospective involvement by the SEC, the company does not expect any enforcement action related to this matter.
According to filings made with the Securities and Exchange Commission (SEC), and after reported metrics filed yesterday, Gain Capital Holding Inc. (NYSE: GCAP) today filed a Form 12b-25 which is a notification of late filing, as it doesn't anticipate that it will be able to complete its 10-K for the period ending December 31st 2015 in time.
The company concluded that because of accounting errors in the manner that it accounted for certain taxes in recent years, its 2013, 2014 and the first three-quarters of 2015 will need to be restated, and as it detailed in yesterday's filing.
It said that the way inter-company payables and receivables were handled among domestic and overseas subsidiaries of the company, in terms of how they were treated for tax purposes during the impacted periods, were to blame for the misstated numbers.
In addition, Gain said that the firm's management has already started implementing preventive and detective controls requiring the enhanced review of the accounting processes related to the transactions in question which included between domestic and overseas subsidiaries.
Because of this, the company was unable to file the 10-K form in time, and the filing it made today provides for an additional 15-day extension.
The company's stock is already down 6% since yesterday, yet the filing today said that the company didn't expect the results reported in the Form 10-K to be materially different from the results announced yesterday, filed with the SEC in the Company's Current Report on Form 8-K dated March 15, 2016.
Finance Magnates reported yesterday after the company's 8K filings revealed a slump and mixed results for last quarter. It's not clear as to whether the error could bring about any action from the SEC, which could be adding to downside pressure on the company's stock price recently.
An excerpt of their 8-K filing from yesterday for Q2 last year shows a small difference in the restated amount, which brought the diluted earnings per share from .20 to .07 during the affected period.
Shortly after publication, a company spokesperson stated that this is due to technical tax matter, and it has not materially impacted the underlying strength of the business of the brokerage. In terms of any prospective involvement by the SEC, the company does not expect any enforcement action related to this matter.
Interactive Brokers Settles Nasdaq Charges, Agrees to $475,000 Fine
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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π LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
π£ Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
π LinkedIn: https://www.linkedin.com/company/financemagnates/
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