Latest news for SS Innovations (OTC:SSII) Stock

SS Innovations International Inc, formerly Avra Medical Robotics Inc develops medical-surgical devices. SSII's product range includes its proprietary SSi Mantra surgical robotic system and SSi Mudra, its wide range of surgical instruments capable of supporting a variety of surgical procedures including robotic cardiac surgery. It is a medical robotics company developing a fully autonomous medical robotic system using proprietary software which integrates Artificial Intelligence and Deep Learning, or machine learning. By using an AI and DL-enhanced software program, the company is creating an intelligent robotic system that it believes can robotize a wide range of medical procedures currently being performed by human hands. SSII's business operations are headquartered in India.

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SSII

One Cardiac Surgeon&#39;s Dream To Bring Robotic Surgery To The Masses Is Becoming A Reality

SS INNOVATIONS INTL INC by SS Innovations International Inc

SS Innovations International Inc

SS Innovations partners with Surgical Lab for distribution in Africa

SS Innovations partners with India's Medikabazaar

SS Innovations International (SSII) has released an update. SSII announced a partnership with Medikabazaar, India's top medical equipment supplier,...

SS Innovations Partners with Medikabazaar for Robotic System Distribution

SS Innovations International (SSII) has released an update. On February 14, 2024, a company raised $1 million by issuing 7% Convertible One-Year Pr...

SS Innovations Raises Funds and Incentivizes CEO

SS Innovations files for Nasdaq uplisting, $50M offering

U.S. IPO Weekly Recap: Nano-Caps Debut In Quiet Week

<p><a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a></p>
<p>In May, the Securities and Exchange Commission (SEC) charged Colorado-based audit firm BF Borgers with <a href="https://www.sec.gov/newsroom/press-releases/2024-51">massive fraud</a>. Specifically, the SEC stated that the auditor had engaged in &ldquo;deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023.&rdquo;</p>



<p>The SEC warned that Borgers&rsquo; noncompliant audits and review put public investors at risk. The firm, among other things, fabricated audit documentation. This cast into doubt the validity of numerous financial documents across dozens of <a href="https://x.com/Schuldensuehner/status/1790300392594510115">small publicly-traded companies</a>.</p>



<p>This scandal received a great deal of publicity due to BF Borgers&rsquo; highest-profile auditing client, the <strong>Trump Media &amp; Technology Group</strong> (NASDAQ:<span><a href="https://investorplace.com/stock-quotes/djt-stock-quote/"><strong>DJT</strong></a></span>). Former President Trump&rsquo;s controversial social media company was forced to switch from BF Borgers to <strong>Semple, Marchal &amp; Cooper LLP</strong>, <a href="https://www.cnbc.com/2024/05/06/trump-media-hires-new-auditor-after-accounting-firm-charged-with-fraud.html">following the scandal</a>.</p>



<p>These are three stocks to avoid that unwisely ended up using BF Borgers as their auditing firm in recent quarters.</p>



<h2>Trump Media &amp; Technology Group (DJT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/06/djt1600-2-300x169.png" alt="Person holding smartphone with logo of US company Trump Media Technology Group (TMTG) in front of website. Focus on phone display. Unmodified photo. DJT stock"><div>Source: T. Schneider / Shutterstock.com</div></div><p>Now, to be sure, the Trump Media &amp; Technology Group has plenty of things to be concerned about right now. A frighteningly <a href="https://www.nytimes.com/2024/05/20/business/trump-media-quarterly-results.html">low revenue base</a>, <a href="https://investorplace.com/2024/05/djt-stock-alert-trump-media-keeps-bleeding-money/">large operating losses</a> and a distinct lack of a proven business model to name a few.</p>



<p>If these weren&rsquo;t enough, however, just months after completing its long-delayed SPAC transaction, the company has had to switch auditors. While moving away from BF Borgers was undoubtedly the right move, the replacement, Semple, Marchal &amp; Cooper LLP, is <a href="https://auditanalytics.com/doc/2023_Who_Audits_Public_Companies_Report.pdf">hardly</a> <a href="https://auditanalytics.com/doc/2023_Who_Audits_Public_Companies_Report.pdf">top-tier</a> either.</p>



<p>For a company that claims to have great ambitions within the media landscape, Trump Media &amp; Technology Group could seemingly afford to hire a higher-profile auditor. Having reliable financial statements is a basic step toward being a credible investment-worthy firm, especially as Trump Media &amp; Technology will need to <a href="https://investorplace.com/2024/06/trump-media-djt-stock-continues-to-slip-on-dilution-fears/">execute more financial transactions</a> going forward.</p>



<p>DJT stock has plenty of issues, both big and small, right now. Perhaps auditing concerns aren&rsquo;t top of mind right now for that particular company. But investors should take it under consideration before investing in this option among stocks to avoid.</p>



<h2>SS Innovations (SSII)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/07/robotics-medical-1600-300x169.jpg" alt="robotic arms over medical bed symbolizing medical robotics. favorite robotics stocks to buy"><div>Source: shutterstock.com/MAD.vertise</div></div><p><strong>SS Innovations</strong> (OTCMKTS:<span><a href="https://investorplace.com/stock-quotes/ssii-stock-quote/"><strong>SSII</strong></a></span>) is an Indian firm focused on surgical robotics products. The company claims that its robotic solution is one-of-a-kind and offers <a href="https://ssinnovations.com/company/">unmatched cost effectiveness</a> while being appropriate for a wide range of surgical treatments.</p>



<p>Unfortunately, there&rsquo;s not much evidence of commercial demand for SS Innovations&rsquo; products as of yet. The company generated just $6 million in revenues last year. And that&rsquo;s according to the firm&rsquo;s SEC filings, which may now be in doubt given the scandal with BF Borgers.</p>



<p>In February, SS Innovations filed for <a href="https://seekingalpha.com/news/4067979-ss-innovations-files-for-nasdaq-uplisting-50m-offering">a $50 million stock offering</a> in conjunction with a planned uplisting to the <strong>Nasdaq </strong>exchange. However, the BF Borgers scandal will likely make it more difficult to complete its planned stock underwriting. In any case, SSII stock is an easy avoid for the time being.</p>



<h2>Red Cat Holdings (RCAT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/01/military-radar-1600-300x169.jpg" alt="Large satellite against a backlit cloudy sky. BF Borgers"><div>Source: Dejan Lazarevic / Shutterstock.com</div></div><p><strong>Red Cat Holdings</strong> (NASDAQ:<span><a href="https://investorplace.com/stock-quotes/rcat-stock-quote/"><strong>RCAT</strong></a></span>) is a company focused on the <a href="https://redcat.red/">military drone technology</a> market. It previously had a consumer drone products division, but this was <a href="https://www.renaissancecapital.com/IPO-Center/News/103316/Drone-tech-developer-Unusual-Machines-prices-IPO-at-%244-the-low-end-of-the-r">subsequently sold</a> to <strong>Unusual Machines </strong>(NYSE:<span><a href="https://investorplace.com/stock-quotes/umac-stock-quote/"><strong>UMAC</strong></a></span>).</p>



<p>With the war in Ukraine and rising tensions in the Middle East, military drones are in high demand. This might seem to make Red Cat an appealing speculative play.</p>



<p>However, the company&rsquo;s financials don&rsquo;t leave much to get excited about. It generated just <a href="https://quickfs.net/company/RCAT:US">$10 million</a> in revenues in 2023. Furthermore, it generated no gross margin whatsoever on these sales, indicating that it is merely selling goods for around its production costs. It&rsquo;s hard to build a sustainable business that way.</p>



<p>RCAT stock has rallied sharply over the past month. But traders should be awfully cautious with this cat. Between its tiny revenue base, large operating losses and the BF Borgers scandal, this stock has little to recommend it today.</p>



<p><em>On the date of publication, Ian Bezek did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com <a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.</em></p>



<p><em>On the date of publication, the responsible editor did not have (either directly or<br>indirectly) any positions in the securities mentioned in this article.</em></p>
<div><p>Ian Bezek has written more than 1,000 articles for InvestorPlace.com and Seeking Alpha. He also worked as a Junior Analyst for Kerrisdale Capital, a $300 million New York City-based hedge fund. You can reach him on Twitter at @irbezek.</p></div><h3>More From InvestorPlace</h3>
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<p>The post <a href="https://investorplace.com/2024/07/uh-oh-3-stocks-that-are-sorry-they-used-sham-audit-mill-bf-borgers/">Uh-Oh. 3 Stocks That Are Sorry They Used &#8216;Sham Audit Mill&#8217; BF Borgers</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.</p>

Uh-Oh. 3 Stocks That Are Sorry They Used 'Sham Audit Mill' BF Borgers

AMDI

CHRO

MTRS

RCAT

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UMAC

WETH

Health Care

Press Releases

SS Innovations' SSi Mantra Surgical Robotic System used to perform Mitral Valve Replacement

SS Innovations' Flagship SSi Mantra Surgical Robotic Device Successfully Completes Telesurgery Procedures

Earnings

SS Innovations International Announces Q1 2024 Company Updates

SS Innovations Achieves Pediatric Milestone with First Infant Pyeloplasty Using SSi Mantra Surgical Robotic System

SS Innovations' SSi Mantra Surgical Robotic System Used to Perform 100 Cardiac Surgeries, Signaling Market Expansion

SS Innovations Engages BDO as its new Auditor

SS Innovations' SSi Mantra Surgical Robotic System Approved for Use in Indonesia

SS Innovations Designated "Outstanding Company" Finalist for Surgical Robotics Industry Awards 2024

SSi Mantra Expands Global Footprint: Nepal's First Surgical Robot Set to Transform Healthcare Sector

Meet The Latest Innovation In Robotic Surgery: The SSi Mantra-3

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Latest news for SS Innovations (OTC:SSII) Stock