8-KThe Red FlagsRed Alert
Auditor Change
Filed Aug 4, 2016 · 10y ago · Accession 0000105418-16-000087
Plain English
Material event — a significant development the company must disclose promptly.
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Filing text
View original ↗SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act
of 1934
Date of Report (Date of
earliest event reported): July 29, 2016
WEIS MARKETS,
INC .
(Exact name of registrant as specified in its
charter)
Pennsylvania (State or other jurisdiction
of incorporation)
1-5039
(Commission File Number)
24-0755415 (IRS Employer Identification
No.)
1000 South Second Street
Sunbury, PA (Address of principal
executive offices)
17801 (Zip Code)
Registrant's telephone number,
including area code: (570) 286-4571
N/A
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following
provisions:
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 4.01 Changes in Registrant's
Certifying Accountant.
(a) Dismissal of Previous Independent Registered
Public Accounting Firm
The Audit Committee of the Board of Directors
(the "Audit Committee") of Weis Markets, Inc. (the "Company")
has conducted a competitive process to select a firm to serve
as the Company's independent registered public accounting firm
for the fiscal year ending December 31, 2016. The Audit
Committee invited several firms to participate in this process.
As a result of this process, the Audit Committee approved the
dismissal of Ernst & Young LLP ("EY") as the Company's
independent registered public accounting firm effective July
29, 2016.
The reports of EY on the Company's
consolidated financial statements for the past two fiscal years did
not contain an adverse opinion or a disclaimer of opinion
and were not qualified or modified as to uncertainty,
audit scope, or accounting principles .
In connection with the audits of
the Company's consolidated financial statements for each of the two
fiscal years ended December 26, 2015 and December 27,
2014, and in the subsequent interim period through July
29, 2016, there were no disagreements with EY on any
matters of accounting principles or practices, financial
statement disclosure, or auditing scope and procedures
which, if not resolved to the satisfaction of EY would
have caused EY to make reference to the matter in their
report .
As disclosed in the Company's
Quarterly Report on Form 10-Q for the quarterly period
ended September 26, 2015 (the "2015 Form 10-Q"),
management concluded that the Company did not maintain
effective internal control over financial reporting as of
September 26, 2015 as a result of the material weakness
described in Item 4 of the Company's 2015 Form 10-Q,
which description is incorporated herein by reference.
The Audit Committee has discussed the matter described in
this paragraph with EY and has authorized EY to respond
fully to the inquiries of a successor accountant
concerning such matter. The Company further advises that
as of the date of this report, the material weakness
discussed in this paragraph has been
remediated .
The Company provided EY with a copy of the
disclosures it is making in this Current Report on Form 8-K
(the "Report") prior to the time the Report was filed with the
Securities and Exchange Commission (the "SEC"). The Company
requested that EY furnish a letter addressed to the SEC stating
whether or not it agrees with the statements made herein. A
copy of EY's letter, dated August 4, 2016, is attached hereto
as Exhibit 16.1 .
(b) Engagement of New Independent Registered Public
Accounting Firm
On July 29, 2016, the Audit Committee
approved the engagement of RSM US LLP ("RSM") as the Company's
independent registered public accounting firm for the fiscal
year ending December 31, 2016, contingent upon completion of
RSM's acceptance procedures. If RSM does not accept retention
as the Company's independent registered public accounting firm,
the Company will amend the Report. In deciding to engage RSM,
the Audit Committee reviewed auditor independence and existing
commercial relationships with RSM and concluded that RSM has no
commercial relationship with the Company that would impair its
independence. During the fiscal years ended December 26, 2015
and December 27, 2014, respectively, and in the subsequent
interim period through July 29, 2016, neither the Company nor
anyone acting on its behalf has consulted with RSM on any of
the matters or events set forth in Item 304(a)(2) of Regulation
S-K.
Item 9.01 Financial Statements and
Exhibits.
(d)
Exhibit.
16.1
Letter of Ernst & Young LLP dated August 4, 2016
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned
hereunto duly authorized.
WEIS MARKETS,
INC.
By: /s/ Scott F.
Frost
Name: Scott F.
Frost
Title: Senior Vice
President, Chief Financial Officer,
and
Treasurer
(Principal
Financial Officer)
Dated: August 4,
2016
EXHIBIT
INDEX
Exhibit
No.
Description
16.1
Letter of Ernst &
Young LLP dated August 4, 2016
Filing details
- Company
- WEIS MARKETS INC
- Ticker
- WMK
- CIK
- 105418
- Form type
- 8-K
- Filing date
- Aug 4, 2016
- Report date
- Jul 29, 2016
- Document
- wmk8k07292016.htm
- Size
- 19 KB