05:41 PM EDT, 06/25/2025 (MT Newswires) -- Compass Diversified Holdings ( CODI ) reported late Wednesday

non-reliance on its financial statements for fiscal years 2022 and 2023 amid an ongoing probe into its subsidiary Lugano Holding.

In May, the company disclosed non-reliance on its 2024 financial statements. it had said the investigation found irregularities in Lugano's financing, accounting, and inventory practices.

Compass said it is focused on completing the probe, which is progressing in line with expectations, and working to finalize the necessary financial restatements.

The company added that the investigation is focused on Lugano and does not involve any of its other subsidiaries.