Profound Medical Corp.

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Investigation Details

Profound disclosed in a filing with the U.S. Securities and Exchange Commission on March 7, 2025, that “the Company identified an error which overstated revenue by $472,000 in the first quarter of 2024.” Accordingly, Profound concluded that its quarterly reports for the first three quarters of 2024 should no longer be relied upon and said that the Company “intends to file restated interim financial statements” as soon as practicable.

Following this news, Profound’s stock price fell over 5% on the same day.