Shares of Hamilton Beach Brands Holding Co. fell more than 8% on Monday after the company said it found accounting irregularities at its Mexican unit.
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The Glen Allen, Va., maker of small appliances said it would delay filing its first-quarter report with the Securities and Exchange Commission while it investigates irregularities related to the timing of recognition of selling and marketing expenses and the classification of certain expenditures at the Mexican unit.
Hamilton Beach said its audit review committee has launched an internal investigation with the help of outside counsel and other third-party experts.
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Hamilton Beach said its Mexican unit accounted for roughly 7% of the company's net sales last year. The company said it is working to complete the investigation and file its quarterly report as soon as possible.
Hamilton Beach shares were recently down 8.4% to $10.50.