Business Context and Reporting Period
This Form 8-K Current Report was filed by Karyopharm Therapeutics Inc. on April 11, 2014, with the earliest event reported on that same date. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly procedural regarding the appointment of an auditor.
Material Changes
- Accountant Change: The Audit Committee selected Ernst & Young LLP (E&Y) as the independent registered public accounting firm for the fiscal year ending December 31, 2014.
- Dismissal: McGladrey LLP was dismissed from service as the independent registered public accounting firm.
- Engagement Date: The Company formally engaged E&Y on April 17, 2014.
Management Commentary and Risks
Management confirmed that McGladrey's reports for the fiscal years ended December 31, 2013, and 2012 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles. The Company stated there were no "disagreements" or "reportable events" with McGladrey during the relevant periods. Additionally, the Company confirmed it did not consult E&Y regarding accounting principles or audit opinions prior to the formal engagement.
Investor Verification Checklist
- Verify the effective date of the new auditor engagement (April 17, 2014).
- Review the attached letter from McGladrey LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Confirm that no undisclosed disagreements or reportable events occurred during the tenure of the former auditor.