Myers Industries Reports Possible Fraud - Tire Review Magazine

Myers Industries Reports Possible Fraud

Myers Industries disclosed in an SEC filing that it “may have suffered possible fraud at its Brazilian operations.” Its report to the SEC, the company noted that it might be financially affected as well.

On March 16, the company informed the SEC that its annual report, 10-K filing, may not be filed in a timely manner due to accounting matters. In its filing, Myers said it “recently uncovered what appear to be errors in the accounting for inventory and possibly fraudulent activities at its Brazilian operations.”

Myers noted that while it is currently investigating the errors, it believes the fraud may negatively affect the company’s 2014 net income from continuing operations by $1.25 to $1.75 million. However, Myers Industries noted that since the review is ongoing, there can be no assurance that the impact may not exceed such amount.

Myers Industries is expected to file a new 10-K within 15 days.

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