TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
Friedman Industries, Inc. (NASDAQ:FRD) announced a change in its independent registered public accounting firm following the merger of Moss Adams LLP with Baker Tilly US, LLP. According to a press release statement based on a filing with the Securities and Exchange Commission, Moss Adams notified Friedman Industries on June 19 that it had merged with Baker Tilly effective June 3. As a result, Moss Adams resigned as the company’s auditor, and the audit committee of Friedman Industries’ board of directors approved Baker Tilly as the successor auditor.
The filing stated that Moss Adams’ audit reports on Friedman Industries’ consolidated financial statements for the fiscal years ended March 31, 2025 and 2024, as well as internal control over financial reporting as of March 31, 2025, did not include any adverse opinions, disclaimers of opinion, or qualifications related to uncertainty, audit scope, or accounting principles.
The company reported that during the fiscal years ended March 31, 2025 and 2024, and through the date of the current report, there were no disagreements with Moss Adams regarding accounting principles, financial statement disclosures, or auditing procedures. There were also no reportable events requiring disclosure under SEC regulations.
Additionally, Friedman Industries stated that neither the company nor anyone acting on its behalf consulted with Baker Tilly regarding the application of accounting principles to specific transactions, the type of audit opinion that might be rendered, or any matters that would be considered a disagreement or reportable event under SEC rules.
A letter from Moss Adams to the SEC, dated June 24, was included as an exhibit in the filing and affirms the information presented.
Friedman Industries, headquartered in Longview, Texas, is listed on the Nasdaq Global Select Market under the ticker FRD. The company has maintained dividend payments for 53 consecutive years and currently receives a "GOOD" financial health rating from InvestingPro, which offers additional insights through 8 key tips about the company’s valuation and performance metrics.
In other recent news, Friedman Industries, Incorporated has announced the transfer of its common stock listing from the NYSE American to the Nasdaq Global Select Market, effective April 8, 2025. This strategic move is intended to enhance the company’s visibility in capital markets and attract more investor capital, according to CEO Michael Taylor. Taylor noted that Nasdaq offers potential for improved trading liquidity and increased institutional ownership. Additionally, Friedman Industries has expanded its Board of Directors by appointing Michael Hanson as a new director, effective March 19, 2025. Hanson, a former Vice President of Sales and Marketing at North Star BlueScope Steel (OTC:BLSFY), brings valuable experience to the board. His appointment follows the company’s decision to expand its board in accordance with its Bylaws. These developments are part of Friedman Industries’ ongoing efforts to strengthen its corporate governance and align with its long-term strategic objectives.
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