Equinix says Audit Committee concluded financial reporting has been accurate

Last night, Equinix announced that the Audit Committee of the company’s board of directors conducted and has substantially completed a previously announced independent investigation, with the assistance of independent third-party professional advisors. “Based on the findings of the independent investigation, the Audit Committee has concluded that Equinix’s financial reporting has been accurate, and that the application of its accounting practices has resulted in an appropriate representation of its operating performance. The Audit Committee had full discretion over the scope of the investigation and was not restricted in any way. As part of this assessment, the Audit Committee did not identify any accounting inconsistencies or errors requiring an adjustment to, or restatement of, previously issued financial statements or non-GAAP measures. As previously disclosed, shortly after the release of the short seller report, Equinix received a subpoena from the U.S Attorney’s Office for the Northern District of California. Additionally, on April 30, 2024, Equinix received a subpoena from the Securities and Exchange Commission. The company is cooperating fully with both subpoenas and does not expect to comment further on such matters until appropriate to do so,” the company stated. Following last night’s earnings report and audit announcement, Equinix shares are up $88.88, or 13%, to $781.59 in early Thursday trading.