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Trecora Resources - Accounting Errors Investigation

Trecora Resources – Accounting Errors Investigation

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Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Trecora Resources (NYSE: TREC) common stock, concerning errors in the Company’s accounting for reported equity in earnings from its investment in the Al Masane Al Kobra Mining Company (“AMAK”) in the second and third quarters of 2016, thereby impacting reported net income for those two quarters.

On March 1, 2017, after the markets closed for trading, Trecora Resources issued a press release announcing financial results for the fourth quarter and year ended December 31, 2016, and disclosed that the Company’s Audit Committee, “following consultation with management and discussion with the company’s independent registered public accounting firm . . . concluded that there were errors in the accounting for its equity in earnings from its investment in AMAK in Q2 and Q3 2016.”

Trecora Resources also determined that “it has a material weakness related to its controls surrounding the accounting for its investment in AMAK” and that “as a result of this material weakness, management will be unable to conclude that the Company’s internal controls over financial reporting are effective as of December 31, 2016.”   Trecora Resources reported that it expects “the remediation of this material weakness will be completed prior to the filing of its first quarter 2017 Form 10-Q.”

On this news, shares of Trecora Resources fell over 3% during intraday trading on March 2, 2017.

If you purchased or otherwise acquired Trecora Resources securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].

Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches.  Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.