Universal (UVV)2025-02-10 21:21Unauthorized Payments and Investigation - Universal Corporation reported approximately 7 million occurring in fiscal years 2022 through 2025[8]. - The company is currently unable to predict the outcome or timeframe for the completion of the ongoing internal investigation related to the embezzlement case[9]. - Universal Corporation expects to report one or more material weaknesses in its internal control over financial reporting following the investigation[11]. - The ongoing investigation may not have a material impact on the company's financial results for fiscal year 2025[10]. - Universal Corporation is pursuing sources of recovery, including insurance, related to the unauthorized payments[10]. - The company has not finalized its financial statements for the second and third quarters of fiscal year 2025 due to the investigation[11]. - The company is evaluating the design and effectiveness of its internal control over financial reporting as part of the investigation[11]. - Universal Corporation's management is working diligently to complete the investigation and review the circumstances surrounding the embezzlement[9]. Financial Reporting and Statements - The company has entered into a Consent with lenders to extend the delivery of its quarterly financial statements until June 16, 2025[7]. - The preliminary unaudited financial results for the quarter ended December 31, 2024, are based on currently available information and may differ from actual results[4].