SEC Comment Letter 0000000000-24-012439 to QUANTUM CORP /DE/ (QMCO)
QUANTUM CORP /DE/
Date: Nov. 7, 2024 · CIK: 0000709283 · Accession: 0000000000-24-012439
AI Filing Summary & Sentiment
Reasoning
File numbers found in text: 001-13449
Letter
November 7, 2024 Kenneth Gianella Chief Financial Officer Quantum Corporation 224 Airport Parkway, Suite 550 San Jose, CA 95110 Re:Quantum Corporation Form 10-K for Fiscal Year Ended March 31, 2024 Response dated October 3, 2024 File No. 001-13449 Dear Kenneth Gianella: We have reviewed your October 3, 2024 response to our comment letter and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe the comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Unless we note otherwise, any references to prior comments are to comments in our September 17, 2024 letter. Form 10-K for Fiscal Year Ended March 31, 2024 Explanatory Note You state in your response to prior comment 1 that you did not perform any recovery analysis as a result of the restatement of your previously issued financial statements. You further indicate that because the company paid no cash bonuses for the restated periods and issued no equity related to the financial metrics that were impacted by the restatement, there was no compensation to potentially recover; and therefore, you determined that the company’s clawback policy and Item 402(w)(2) were not applicable. However, it appears that your clawback policy was triggered, because you were required to prepare an accounting restatement to correct an error in previously issued financial statements that was material to your previously issued financial statements. Also, Item 402(w)(2) of Regulation S-K requires disclosure of a brief explanation of why application of your recovery policy resulted in no recovery of 1.
November 7, 2024 Page 2 erroneously awarded compensation when you conclude that recovery is not required pursuant to your recovery policy. Please provide this disclosure in your next Form 10-K filing. Please contact Joyce Sweeney at 202-551-3449 or Kathleen Collins at 202-551-3499 if you have questions regarding comments on the financial statements and related matters. Sincerely, Division of Corporation Finance Office of Technology cc:Brian Cabrera
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November 7, 2024
Kenneth Gianella
Chief Financial Officer
Quantum Corporation
224 Airport Parkway, Suite 550
San Jose, CA 95110
Re:Quantum Corporation
Form 10-K for Fiscal Year Ended March 31, 2024
Response dated October 3, 2024
File No. 001-13449
Dear Kenneth Gianella:
We have reviewed your October 3, 2024 response to our comment letter and have the
following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe the
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Unless we note otherwise, any references to prior comments are to comments in our
September 17, 2024 letter.
Form 10-K for Fiscal Year Ended March 31, 2024
Explanatory Note
You state in your response to prior comment 1 that you did not perform any recovery
analysis as a result of the restatement of your previously issued financial statements.
You further indicate that because the company paid no cash bonuses for the restated
periods and issued no equity related to the financial metrics that were impacted by the
restatement, there was no compensation to potentially recover; and therefore, you
determined that the company’s clawback policy and Item 402(w)(2) were not
applicable. However, it appears that your clawback policy was triggered, because you
were required to prepare an accounting restatement to correct an error in previously
issued financial statements that was material to your previously issued financial
statements. Also, Item 402(w)(2) of Regulation S-K requires disclosure of a brief
explanation of why application of your recovery policy resulted in no recovery of 1.
November 7, 2024
Page 2
erroneously awarded compensation when you conclude that recovery is not required
pursuant to your recovery policy. Please provide this disclosure in your next Form
10-K filing.
Please contact Joyce Sweeney at 202-551-3449 or Kathleen Collins at 202-551-3499
if you have questions regarding comments on the financial statements and related matters.
Sincerely,
Division of Corporation Finance
Office of Technology
cc:Brian Cabrera