We are investigating Brooks Automation, Inc. (BRKS) (“Brooks” or the “Company”) for potential violations of the federal securities laws.
On December 2, 2019, Brooks disclosed that the Company “is unable to file its Annual Report on Form 10-K for its fiscal year ended September 30, 2019 . . . within the prescribed time period without unreasonable effort or expense.” Specifically, Brooks cited an ongoing review of its revenue recognition practices related to the timing of revenue recognition with respect to product shipped from one of the Company’s contract manufacturers within its Semiconductor Solutions Group. Brooks further stated that its Audit Committee is reviewing the timing of revenue recognition for similar transactions. Separately, Brooks disclosed that it would report a material weakness in the financial reporting of its Brooks Life Sciences segment related to price and quantity of certain billings. On these disclosures, Brooks’ stock price fell $3.16 per share, or 7.06%, to close at $41.61 per share on December 2, 2019.