Crimson Wine to restate 3+ years of financial results after independent review of "unreliable" accounting errors
Crimson Wine Group will be restating “unreliable” financial results for three fiscal years ended December 31, 2017, 2018 and 2019 after an independent review is completed, according to the company’s SEC 8-K Report of Dec. 22, 2020 According to the 8-K, the reviews “relate to the allocation of costs to bulk wine inventory, which, in turn, affect the Company’s reported cost of sales.” The 8-K further notes that the Crimson Wine”Audit Committee will retain independent accounting advisors to assist in the review process. The Company cannot quantify the amount of the c...
Source: wineindustryinsight.com