Auditor Dismissed Amidst Persistent Material Weaknesses in Internal Controls; New Firm Appointed
Summary
Dominari Holdings Inc. changed its auditor for the second time in a year, disclosing multiple material weaknesses in internal controls over financial reporting.
Key Events
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Auditor Dismissal
On June 24, 2026, Dominari Holdings Inc. dismissed CBIZ CPAs P.C. as its independent registered public accounting firm.
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New Auditor Appointed
Grassi & Co., CPAs, P.C. was engaged on June 24, 2026, to serve as the new independent registered public accounting firm for the fiscal year ending December 31, 2026.
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Persistent Material Weaknesses
The dismissal was accompanied by a disclosure of ongoing material weaknesses in internal control over financial reporting, including lack of personnel, insufficient review, lack of segregation of duties, IT control deficiencies, and inadequate documentation.
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Repeated Auditor Changes
This is the second auditor change for the company in a short timeframe, with CBIZ CPAs having been appointed in April 2025 after the dismissal of Marcum LLP.
Analysis
Dominari Holdings Inc. has dismissed its independent registered public accounting firm, CBIZ CPAs P.C., and appointed Grassi & Co., CPAs, P.C. This marks the second auditor change in a short period, following the dismissal of Marcum LLP in April 2025. The dismissal comes with a disclosure of multiple material weaknesses in internal controls over financial reporting, including issues with personnel, review processes, segregation of duties, IT controls, and documentation. For a company of this size, repeated auditor changes and fundamental control deficiencies raise significant concerns about the reliability of financial reporting and overall corporate governance, posing a substantial risk to investor confidence.
At the time of this filing, DOMH was trading at $2.93 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $66.3M. The 52-week trading range was $2.69 to $8.40. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.