February 8, 2018 / 10:21 PM / 5 months ago

BRIEF-Quantum Sees Charges Associated With Restructuring Initiative To Be About $12 Mln

Feb 8 (Reuters) - Quantum Corp:

* QUANTUM-ON FEB 6, SAID TO EMPLOYEES WORKFORCE REDUCTIONS AND RELATED ACTIONS THAT, COMBINED WITH OTHER RECENT ACTIONS, ELIMINATE ABOUT 200 POSITIONS

* QUANTUM CORP - PRELIMINARY ESTIMATE OF CHARGES ASSOCIATED WITH THE RESTRUCTURING INITIATIVE IS APPROXIMATELY $12 MILLION - SEC FILING‍​

* QUANTUM-ON JAN 11, CO RECEIVED SUBPOENA FROM SEC REGARDING ACCOUNTING PRACTICES,INTERNAL CONTROLS RELATED TO REVENUE RECOGNITION FOR TRANSACTIONS COMMENCING APRIL 1, 2016

* QUANTUM- FOLLOWING RECEIPT OF SEC SUBPOENA, CO’S AUDIT COMMITTEE BEGAN INDEPENDENT INVESTIGATION WITH ASSISTANCE OF INDEPENDENT ADVISORS

* QUANTUM SAYS DECIDED IT WAS PRUDENT TO POSTPONE QUARTERLY RESULTS RELEASE AND CONFERENCE CALL, PENDING CONCLUSION OF INVESTIGATION Source text: (bit.ly/2sjIZrR) Further company coverage:

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