Kehoe Law Firm, P.C. is investigating potential securities fraud claims on behalf of investors of Profound Medical Corp. (“Profound Medical,” “Profound,” or the “Company”) (NASDAQ: PROF)
Profound Medical Reports Error Which Overstated Revenue
In a March 7, 2025 Form 8-K, Profound reported that “[i]n conjunction with the Company’s transition to U.S. GAAP, the Audit Committee of Profound’s Board of Directors (the ‘Audit Committee’), after discussion with Profound’s auditors, has identified an error which overstated revenue by $472,000 in the first quarter of 2024. The corrected financial information also increases the U.S. GAAP net loss before tax and net loss attributed to shareholders by $386,000.”
The Company also reported that as a result of their error, “. . . Profound determined . . . that Profound’s previously issued 2024 Interim Financial Statements, each prepared in accordance with International Financial Reporting Standards . . . as filed on SEDAR+, and furnished to the U.S. Securities and Exchange Commission on Form 6-K, will be restated and reissued and should no longer be relied upon.”
As a result of the Company’s error, Profound Medical also reported that “. . . any previously filed or furnished reports, related earnings releases, related management’s discussion and analysis, investor presentations or similar communications of Profound describing Profound’s financial results or other financial information for the quarters of 2024, and any previously issued forecast or guidance for the fiscal year ended December 31, 2024, should no longer be relied upon. Profound’s 2024 Interim Financial Statements will be restated to effect the revenue adjustments described above, as well as other related flow through adjustments.”
On this news, Profound Medical’s stock price dropped almost 6%, closing at $6.86 per share on March 7, 2025.
Profound Medical Investors May Have Legal Claims
Investors of Profound Medical stock who have suffered financial losses are encouraged to complete KLF’s Stockholder Information Request form or send us a message to contact an attorney to discuss the securities fraud investigation and receive a free, no-obligation legal evaluation.
For direct inquiries, Profound Medical investors should contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected].
About Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is a nationally recognized, plaintiff-side class action firm dedicated to protecting investors and consumers from fraud and misconduct. Our attorneys have served as Lead or Co-Lead Counsel in major securities cases, recovering over $10 billion for institutional and individual investors. We litigate securities fraud, fiduciary breaches, unfair mergers and acquisitions, and antitrust violations, while also representing whistleblowers and advocating for victims of data breaches, consumer fraud, vehicle and product defects, employment law violations, retirement plan mismanagement, and other corporate and business misconduct. With a results-driven approach, we pursue justice and substantial recoveries for those we represent.
KLF’s class action legal services are on a contingency-fee basis, meaning clients are not responsible for any fees or litigation expenses.
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