Wonder Auto Announces Its Financial Restatements to FY2008 and FY2009
Wonder Auto Technology, Inc. (Nasdaq: WATG) today announced that the Company has concluded on February 23, 2011 that its financial statements as of and for the years ended December 31, 2008 and 2009, included in its Annual Report on Form 10-K for the year ended December 31, 2009, as well as the financial statements included in its Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30 during each of the years 2008 and 2009, should no longer be relied upon due to a cutoff error regarding timing of revenue in such periods.
The Company is continuing to evaluate the impact of the cutoff errors on its quarterly reports on Form 10-Q for the periods ended March 31, June 30 and September 30, 2010. Although the Company has not completed its analysis, it currently is expected that the net effect of these adjustments on the Company's financial statements will be an increase in revenues and income in 2008 and 2009 for the reasons described below.
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