The company restated its initial quarterly report as a public company and included a "material weakness" in its financial controls.
In 2009, significant activities were performed in remediating the material weakness.
In our 2009 Annual Report on Form 10-K, we identified a material weakness because we did not maintain effective controls over the period-end financial reporting process.
On July 13, 2012, JPMorgan management, not PwC the auditors, reported that a material weakness existed in its internal control over financial reporting as of March 31, 2012.
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It was also listed as their first Material Weakness.
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There was also no requirement for the auditor to give its opinion on whether the bank had fully corrected the material weakness in internal controls related to the valuation process until 2012 year-end.
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From controversial metrics in our S1 to our material weakness to two quarters of missing our own expectations and a stock price that's hovering around one quarter of our listing price, the events of the last year-and-a-half speak for themselves.
Based upon the actions taken and our testing and evaluation of the effectiveness of our internal controls, we have concluded the material weakness related to controls over the period-end financial reporting process no longer existed as of December 31, 2010.
With the oversight of senior management and our audit committee, we have begun taking steps and plan to take additional measures to remediate the underlying causes of the material weakness, primarily through the development and implementation of formal policies, improved processes and documented procedures, as well as the hiring of additional finance personnel.
However, increasing raw material prices and a prolonged weakness in consumer spending could pose a headwind to our optimistic EBITDA margin outlook.
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But Bush and Dole were older gents, from a generation that considered reticence a virtue and self-exposure a weakness--not, in other words, town-meeting material.
The Angry White Males joined Promise Keepers, and mellowed. (Even Rush Limbaugh is beginning to sound like Georgetown dinner-party material.) Outside Texas and Florida, most Family-Values Latinos forgave the Democrats their weakness for abortion and homosexuality.
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