In a news release April 23rd Vicor Corp (VICR), a maker of electric power converters, reported net income of $2.6 million in the first quarter of 2024. One week later on May 1st, Vicor revealed in its latest quarterly filing it had actually lost $14.47 million.

Vicor blamed the reversal— the creation of a $17.2 million reserve— on a legal matter that came down the day after its earnings release:

“On April 24, 2024, after the issuance of our earnings release and completion of the related earnings call, the U.S. District Court for the Eastern District of Texas (the "District Court") issued an order granting SynQor, Inc.’s motions for enhanced damages, pre-judgment and post-judgment interest, costs and attorneys' fees. The District Court also entered a final judgment reflecting these rulings.”

Vicor did not explain why it failed to immediately correct the results presented in the original earnings release.