Summary
Southern Copper Corporation (SCCO) has filed an amendment to its third quarter 2002 10-Q report, originally filed on November 14, 2002. This amendment primarily serves to disclose that Deloitte & Touche LLP has not completed its review of the financial statements for the quarter ended September 30, 2002. This delay is due to an ongoing internal investigation concerning allegations made in an anonymous letter received by the company. The company states that this amendment does not otherwise alter the disclosures made in the original 10-Q filing. Investors should note that the lack of auditor review on the quarterly financials represents a significant uncertainty. While the original 10-Q is being amended, the core financial performance data remains unaudited by the external auditor at this time. Further updates on the investigation and the completion of the financial statement review are critical for understanding the company's financial health and any potential impacts on its operations or reported results.
Key Highlights
- 1SCCO filed an amendment (10-Q/A) to its Q3 2002 report on December 2, 2002.
- 2The amendment's primary purpose is to state that Deloitte & Touche LLP has not completed its review of the Q3 2002 financial statements.
- 3The delay in auditor review is pending an investigation into allegations from an anonymous letter.
- 4The 10-Q/A does not modify other disclosures from the original 10-Q filed on November 14, 2002.
- 5As of October 31, 2002, there were 14,107,587 shares of common stock and 65,900,833 shares of Class A common stock outstanding.
- 6The filing indicates the company has filed all required reports for the preceding 12 months and has been subject to these requirements for the past 90 days (as of the filing date).