Lewis Moorehead has resigned as beleaguered Quantum’s Chief Financial Officer only four months after being appointed to replace the departed prior CFO, Ken Gianella.
Quantum is in the midst of turmoil following a June boardroom coup in which CEO, Chairman, and President Jamie Lerner resigned along with Gianella, and new CEO Hugues Meyrath took over. The company has suffered accounting problems delaying its quarterly reports and necessitating a restatement, and faces the threat of a Nasdaq delisting problems. It’s also gone through a round of layoffs, and the replacement of its Chief Revenue Officer.
Moorehead’s departure was announced in an 8K SEC filing which stated: ”There is no indication of fraud or other intentional misconduct impacting the financial statements of the Company. The Company has initiated a search for a new Chief Financial Officer.”
It has appointed Laura Nash, its Company’s Chief Accounting Officer and Principal Accounting Officer, to serve as the Company’s Principal Financial Officer.
Quantum is still finalizing the review of its previously announced restatement for the fiscal third quarter ended December 31, 2024. It expects there to be a decrease of approximately $3.9 million in revenue and a similar decrease in net loss from operations for that quarter.
It has also informed the SEC that it’s unable to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 without unreasonable effort or expense. This is due to the additional time required by the Company and its auditors to finalize, and review its financial statements for the annual and quarter periods for fy 2025, the fiscal year ended March 31, 2025.
Comment
The accounting and finance problems at Quantum continue to percolate. There is no suggestion of impropriety attached to Moorehead’s resignation, but this departure, just 4 months after his appointment, and in the middle of a deepening accounting crisis is worrying. It suggests that the company has still not got a grip on its problems.
