To all you arseholes who Gaslit anyone who spoke up....this is your day to be shamed. To the brave person(s) who ignhted this Layoff board with honest posts, which encouraged open and transparent dialogue, Bravo. You were spot on!
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The Company expects to report a significant decline in revenue as well as significant impairment charges related to its intangible assets, and consequently, will report a significant decrease in operating income and a significant increase in net loss, for the year ended September 30, 2022 as compared to the year ended September 30, 2021. However, the Company is unable to provide reasonable estimates of revenues, gross profit, operating income and net loss or the amount of the impairment charges at this time as the Company continues to focus on completing the Audit Committee investigations and assessments noted above and has not completed its financial close process and controls for the applicable period.
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As previously disclosed in the Company’s NT 10-Q (the “12b-25”) filed with the U.S. Securities & Exchange Commission (the “SEC”) on August 9, 2022, Part III of which is incorporated herein by reference, the audit committee (the “Audit Committee”) of the Company’s board of directors commenced internal investigations to review, among other things, the circumstances surrounding the Company’s financial results for the quarter ended June 30, 2022 and items related to a whistleblower claim. The Audit Committee investigations remain on-going. The investigations may also result in the conclusion by the Company that one or more material weaknesses exist in the Company’s internal control over financial reporting in addition to those disclosed in the Company’s Form 8-K filed on November 30, 2022. The Company is also continuing to complete its assessment of the previously disclosed impairment charges related to the Company’s long-lived assets as well as its intangible assets, including the Avaya Trade Name and the goodwill related to the Company’s Services reporting unit. As a result of the foregoing and other closing activities, the Company requires additional time to complete its review of its financial statements and other disclosures as of June 30, 2022 and September 30, 2022, and to complete its annual closing processes and controls, and is unable to file its Annual Report on Form 10-K on or prior to the prescribed due date of November 29, 2022.