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| NABI > SEC Filings for NABI > Form 8-K on 11-Mar-2009 | All Recent SEC Filings |
11-Mar-2009
Results of Operations and Financial Condition, Non-Reliance on Previous
On March 11, 2009, Nabi Biopharmaceuticals (the "Company") issued a press release announcing its results of operations for the three and twelve months ended December 27, 2008. A copy of the press release announcing these results is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liability of that section, and it shall not be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
On March 9, 2009, the Audit Committee of the Company's Board of Directors concluded that the Company's previously issued audited financial statements for the fiscal years ending December 26, 2007 and December 30, 2006 should no longer be relied upon and should be restated. The restatement is required to correct errors in the allocation of income tax provision between continuing and discontinued operations. The Company previously did not consider income from discontinued operations for purposes of determining the amount of income tax benefit that results from a loss from continuing operations and that should be allocated to continuing operations. The adjustments reflected in the restated financial statements did not have any effect on the reported amount of the Company's consolidated net income for any period. The Audit Committee reached its conclusion after discussion of the matters disclosed in this report with management and the Company's independent registered public accounting firm, which agreed with the Audit Committee's conclusion. The restated financial statements will be included in the Company's Annual Report on Form 10-K for the year ended December 27, 2008 to be filed with the Securities and Exchange Commission. The Company has concluded its review and will make no further adjustments to its prior financial statements regarding this matter.
Exhibit
number Description
99.1 Earnings Press Release
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