This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Montage Technology Announces Filing Of Form 12b-25 Notification Of Late Filing For 2013 10-K

Stocks in this article: MONT

SHANGHAI, China, March 31, 2014 (GLOBE NEWSWIRE) -- Montage Technology Group Limited (Nasdaq:MONT) ("Montage Technology" or "Montage" or the "Company"), a global fabless provider of analog and mixed-signal semiconductor solutions addressing the home entertainment and cloud computing markets, today announced that it has filed a Form 12b-25 notification of late filing for its Annual Report on Form 10-K for the year ended December 31, 2013.

Form 12b-25 Notification of Late Filing for 2013 10-K.

In its 12b-25 Notification of Late Filing, the Company indicated that its Form 10-K cannot be finalized until the completion of the audit committee's review of allegations contained in reports issued by Gravity Research and the completion of the audit of the Company's financial statements for the year ended December 31, 2013. As previously announced, the audit committee appointed the law firm of Jones Day to conduct an independent review of the reports' allegations and related matters.

Based on the audit committee's review to date with the assistance of its outside advisors, the Company does not believe that the allegations regarding the integrity of the Company's financial statements have merit. The audit committee has not yet completed its work nor reached final conclusions, and therefore no final conclusions can be made until the completion of the ongoing review.

As a result, the Company does not currently anticipate any changes to its previously reported financial results. The Company continues to expect to report total revenue for 2013 of $110.9 million, an increase of 41.7 percent compared to $78.2 million in the previous fiscal year, and net income of $25.7 million, compared to $18.3 million in 2012.

As part of the audit committee's ongoing review regarding the Gravity Research allegations, including the allegations regarding the Company's revenues and cash balances, the audit committee's advisors have been performing various forensic procedures designed to verify a material portion of the Company's cash, cash equivalents, and short term investment balances with its financial institutions at various points in time covering the Company's publicly disclosed financial filings. While the audit committee's review is still in process, the procedures undertaken to-date by the committee's advisors have affirmed the existence of the tested balances.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs