Neptune Announces Appointment of KPMG as Auditor

Rhea-AI Summary

Neptune Wellness Solutions Inc. has appointed KPMG LLP as its new independent registered public accounting firm, effective October 22, 2021. This decision follows a comprehensive evaluation process approved by the company's Board of Directors and Audit Committee. KPMG replaces Ernst & Young LLP for the fiscal year ending March 31, 2022. Headquartered in Laval, Quebec, Neptune focuses on plant-based, sustainable lifestyle brands and utilizes a flexible manufacturing infrastructure to meet market demands.

Positive

• Appointment of a reputable firm like KPMG may enhance financial oversight and improve investor confidence.
• KPMG's expertise could bring fresh perspectives and streamlined processes for Neptune.

Negative

• Transitioning from Ernst & Young to KPMG may cause temporary disruptions in accounting processes.

LAVAL, QC, Nov. 4, 2021 /PRNewswire/ - Neptune Wellness Solutions Inc. ("Neptune" or the "Company") (NASDAQ: NEPT) (TSX: NEPT), a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, today announced the appointment of KPMG LLP ("KPMG") as its independent registered public accounting firm, effective October 22, 2021.

The appointment of KPMG was made after a thorough evaluation process and has been approved by Neptune's Board of Directors and its Audit Committee.

KPMG will replace Ernst & Young LLP as Neptune's independent registered public accounting firm for the fiscal year ending March 31, 2022.

About Neptune Wellness Solutions Inc.
Headquartered in Laval, Quebec, Neptune is a diversified health and wellness company with a mission to redefine health and wellness. Neptune is focused on building a portfolio of high quality, affordable consumer products in response to long-term secular trends and market demand for natural, plant-based, sustainable and purpose-driven lifestyle brands. The Company utilizes a highly flexible, cost-efficient manufacturing and supply chain infrastructure that can be scaled to quickly adapt to consumer demand and bring new products to market through its mass retail partners and e-commerce channels. For additional information, please visit: https://neptunewellness.com/.

Disclaimer – Safe Harbor Forward–Looking Statements

Forward-looking statements contained in this press release involve known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements of Neptune Wellness Solutions to be materially different from any future results, performance or achievements expressed or implied by the said forward-looking statements.

Neither NASDAQ nor the Toronto Stock Exchange accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Neptune Wellness Solutions Inc.

FAQ

What is the date of Neptune's new auditor appointment?

Neptune announced the appointment of KPMG as its independent auditor effective October 22, 2021.

Why did Neptune replace Ernst & Young with KPMG?

The change was made after a thorough evaluation process approved by Neptune's Board of Directors and Audit Committee.

What fiscal year does the new auditing firm KPMG cover?

KPMG will serve as the independent auditor for the fiscal year ending March 31, 2022.