Core Viewpoint - B&M's finance chief Mike Schmidt resigned following an accounting error that led to the company's second profit warning in a month, resulting in a significant drop in share value and revised profit forecasts [1][2][3]. Financial Impact - The accounting mistake caused B&M to overstate profits, leading to a revised full-year profit expectation of £470 million to £520 million, down from the previous forecast of £510 million to £560 million [2]. - Following the announcement, B&M's shares plummeted over 20%, reducing the company's market value by £400 million to £1.7 billion [2]. Management Changes - Mike Schmidt, who joined B&M three years ago, will remain until a replacement is found [3]. - This resignation marks a significant challenge for CEO Tjeerd Jegen, who is attempting to stabilize the company amid declining demand [5]. Operational Issues - The accounting error was attributed to an IT upgrade that resulted in the finance team failing to input £7 million worth of freight costs into the new system [4]. - B&M plans to hire investigators to review the circumstances surrounding the error [4]. Market Conditions - B&M had already lowered its profit forecasts earlier in the year due to an "uncertain economic outlook" and weaker demand in British stores [5]. - Analysts expressed concerns that the recent profit downgrade could undermine B&M's credibility and hinder its turnaround efforts [7]. Strategic Response - In response to the challenges, B&M has committed to cutting prices and streamlining its product range to attract customers back to its stores [6].

Core Viewpoint - B&M European Value retail's shares fell 15% following an accounting error that led to a profit warning and the resignation of its CFO [2][3][4] Financial Impact - The company identified approximately £7 million of overseas freight costs that were not correctly recognized in cost of goods sold, impacting full-year financials [3] - Adjusted EBITDA forecasts have been revised down to between £470 million and £520 million, a decrease from previous estimates of £510 million to £560 million [4] - First-half adjusted EBITDA is now anticipated at £191 million, down from a prior forecast of £198 million [4] Management Changes - CFO Mike Schmidt will leave the company, having held the position since October 2022, and a search for his successor has begun [5] - Schmidt's departure follows the exit of former CEO Alex Russo earlier in the year, with Tjeerd Jegen taking over the CEO role in June [5] Sales Expectations - B&M expects like-for-like UK sales to fluctuate between low-single-digit negative and low-single-digit positive levels in the second half [8] - First-half like-for-like sales increased by only 0.1%, with revenues declining by 1.1% in the second quarter [9] Analyst Insights - Analysts suggest that B&M could benefit from consumers' focus on value, given its 2% share of the UK retail market [10] - However, there are concerns regarding recent subdued like-for-like trends and the need for B&M to improve its value perception and earnings visibility [11]

Core Viewpoint - A class action lawsuit has been filed against BigBear.ai Holdings, Inc. and certain officers for alleged violations of federal securities laws during the Class Period from March 31, 2022, to March 25, 2025, seeking damages for misleading statements regarding the company's financial practices and accounting policies [1][10]. Group 1: Lawsuit Details - The class action was filed in the United States District Court for the Eastern District of Virginia, seeking to recover damages for all persons and entities that purchased BigBear securities during the specified Class Period [1]. - Investors have until June 10, 2025, to request appointment as Lead Plaintiff for the class [2]. Group 2: Company Background - BigBear is an artificial intelligence-driven technology solutions company that provides services in national security, supply chain management, and digital identity and biometrics [4]. - The company underwent a merger with GigCapital4, Inc. in December 2021, resulting in the renaming of GigCapital4 to BigBear.ai Holdings, Inc. [5]. Group 3: Financial Instruments and Accounting Issues - Following the merger, BigBear issued $200 million of unsecured convertible notes due to mature on December 15, 2026, with a 6.0% annual interest rate [6]. - The complaint alleges that BigBear failed to properly account for the conversion option within the 2026 Convertible Notes, leading to misstatements in financial reports [10]. - On March 18, 2025, BigBear disclosed that certain financial statements since fiscal year 2021 should no longer be relied upon due to a material error in accounting treatment, resulting in a stock price drop of 14.9% [11]. - The 2024 10-K filing revealed that the conversion option was incorrectly deemed eligible for a scope exception, necessitating restatement of financial statements and identification of a material weakness in internal controls [12].