Wohl & Fruchter LLP Announces Investigation into Financial Reporting Errors at IEC Electronics Corp.

  Wohl & Fruchter LLP Announces Investigation into Financial Reporting Errors
  at IEC Electronics Corp.

Business Wire

NEW YORK -- May 20, 2013

The law firm of Wohl & Fruchter LLP announces that it is investigating
financial reporting errors at IEC Electronics Corp. (IEC) (NYSE: IEC).

On May 1, 2013, after the market closed, IEC announced that its financial
statements for the fiscal year ended September 30, 2012, the quarterly periods
during fiscal 2012, and the quarter ended December 28, 2012 (collectively, the
"Restated Periods") require restatement due to an error in accounting for
work-in-process inventory at one of the Company's subsidiaries, Southern
California Braiding, Inc. At the time, the Company estimated that this error
resulted in an understatement of cost of sales, and an overstatement of gross
profit, during the Restated Periods of approximately $2.2 million.

On May 13, 2013, due to an internal review of the facts and circumstances
giving rise to the restatement, IEC filed a Notification of Late Filing with
the SEC extending the filing deadline for its Q2-2013 10-Q from May 13, 2013
to May 20, 2013.

On May 20, 2013, the IEC announced that due to its ongoing internal review of
the restatement, the Company will not meet the extended filing deadline and
the Company's Q2-2013 10-Q will not be filed on a timely basis.

On the above news, IEC shares have declined over 26% from a close of
$5.70/share on May 1, 2013 to $4.20/share as of midday on May 20, 2013.

Persons with relevant information, and IEC shareholders with questions about
this investigation, are invited to contact the attorney below, or our Firm by
calling 866.582.8140.

Additional information is available on our website at:
http://www.wohlfruchter.com/cases/iec.

About Wohl & Fruchter

Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and
other fiduciary breaches by corporate managers, as well as other complex
litigation matters. Please visit our website, www.wohlfruchter.com, to learn
more about our Firm, or contact one of our partners.

This release may be deemed to constitute attorney advertising.

Contact:

Wohl & Fruchter LLP
J. Elazar Fruchter
845-425-4658 or Toll Free 866-582-8140
jfruchter@wohlfruchter.com
www.wohlfruchter.com
 
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