Kopin Corporation (NASDAQ: KOPN, www.kopin.com,
“Kopin” or the “Company”), today announced that, based upon preliminary
findings, it has discovered instances in which an employee at one of its
foreign majority-owned subsidiaries, appears to have embezzled money
from such subsidiary. While the investigation is ongoing, the amount is
not believed to be material to the Company’s cash position.
The Company believes, based upon preliminary findings, that the impact
of the potential theft will not be material to its previously filed
financial statements as of December 26, 2015 and for the six month
period ended June 25, 2016. However, the Company has not completed its
investigation and is currently assessing the impact the finding might
have had upon the Company’s historical financial statements.
Accordingly, until such time as the Company completes its review,
investors should not rely upon the Company’s financial statements that
have been included in the Company’s SEC filings.
Kopin is working with its corporate counsel and local authorities to
determine the best course of action from both a legal and recovery
perspective and will provide further information as soon as possible.
About Kopin Corporation
Kopin Corporation is a leading developer and provider of innovative
wearable technologies and solutions for integration into head-worn
computing and display systems to military, industrial and consumer
customers. Kopin’s technology portfolio includes ultra-small displays,
optics, speech enhancement technology, system and hands-free control
software, low-power ASICs, and ergonomically designed smart headset
reference systems. Kopin’s proprietary components and technology are
protected by more than 300 global patents and patents pending. For more
information, please visit Kopin’s website at www.kopin.com.
Richard Sneider, 508-870-5959
and Chief Financial Officer