ADMA Biologics Changes Independent Auditor

TL;DR

ADMA Biologics swapped auditors from PwC to BDO USA, effective Oct 3rd.

AI Summary

ADMA Biologics, Inc. announced on October 3, 2024, a change in its certifying accountant. The company has dismissed PricewaterhouseCoopers LLP as its independent registered public accounting firm and has appointed BDO USA, P.A. as its new principal accountant. This change is effective immediately.

Why It Matters

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.

Risk Assessment

Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial restatements or other material events, warranting closer investor scrutiny.

Key Players & Entities

• ADMA BIOLOGICS, INC. (company) — Registrant
• PricewaterhouseCoopers LLP (company) — Former Certifying Accountant
• BDO USA, P.A. (company) — New Certifying Accountant
• October 3, 2024 (date) — Date of earliest event reported

FAQ

Filing Documents

• ef20037071_8k.htm (8-K) — 37KB
• ef20037071_ex16-1.htm (EX-16.1) — 2KB
• 0001140361-24-043222.txt ( ) — 173KB
• adma-20241003.xsd (EX-101.SCH) — 4KB
• adma-20241003_lab.xml (EX-101.LAB) — 21KB
• adma-20241003_pre.xml (EX-101.PRE) — 16KB
• ef20037071_8k_htm.xml (XML) — 4KB

01

Item 4.01. Changes in Registrant's Certifying Accountant. (a) Resignation of Independent Registered Public Accounting Firm On October 3, 2024, the Audit Committee of the Board of Directors (the "Board") of ADMA Biologics, Inc. (the "Company") was informed by CohnReznick LLP ("CohnReznick"), the Company's current independent registered public accounting firm, that CohnReznick will resign as the Company's independent registered public accounting firm effective as of the filing of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024. In light of CohnReznick's decision, the Audit Committee of the Board (the "Audit Committee") has initiated a process to promptly select a new accounting firm to serve as the Company's independent registered public accounting firm for the audit of the Company's consolidated financial statements for the fiscal year ending December 31, 2024 and the audit of the Company's internal control over financial reporting as of December 31, 2024 on a timely basis in adherence with applicable filing deadlines. CohnReznick is committed to collaborating with and supporting the Company and its newly engaged independent registered public accounting firm, once appointed, to expedite the new audit firm's smooth transition. CohnReznick is not required to obtain, and did not seek, the Company's consent to its decision to resign as the Company's independent registered public accounting firm. As a result, neither the Board nor the Audit Committee took part in CohnReznick's decision to provide its notice of resignation. CohnReznick's reports on the Company's consolidated financial statements for the fiscal years ended December 31, 2023 and 2022 and on the Company's internal control over financial reporting as December 31, 2023, did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. Furthermore, during the Company's two mos

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking statements" pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about the Company. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as "estimate," "intend," "anticipate," "plan," "planning," "expect," "believe," "will," "should," "could," "would," "may," or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company's process to select a new accounting firm to serve as the Company's independent registered public accounting firm for the audit of the Company's consolidated financial statements for the fiscal year ending December 31, 2024, the audit of the Company's internal control over financial reporting as of December 31, 2024, and CohnReznick's efforts to support the Company's new independent registered public accounting firm. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this Current Report on Form 8-K will prove to be accurate. Except to the extent required by applicable laws or rules, the Company does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause the Company's actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in the Company's filings with the Commission, including the Company's most recent reports on Form 10-K, 10-Q and 8-K, and any amendme

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 16.1 Letter, dated October 9, 2024, from CohnReznick LLP addressed to the Commission. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ADMA Biologics, Inc. October 9, 2024 By: /s/ Adam S. Grossman Name: Adam S. Grossman Title: President and Chief Executive Officer

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View this 8-K filing on SEC EDGAR