8-K: Actinium Pharmaceuticals Changes Accounting Firms Following Acquisition

Actinium Pharmaceuticals dismisses Marcum LLP as its independent auditor due to its acquisition by CBIZ CPAs, and subsequently engages CBIZ CPAs as its new auditor.

Summary

• Actinium Pharmaceuticals dismissed Marcum LLP as their independent registered public accounting firm on May 08, 2025, following CBIZ CPAs' acquisition of Marcum's attest business on November 1, 2024.
• The audit report from Marcum for the fiscal years ended December 31, 2024, and 2023, did not contain any adverse opinions, disclaimers, qualifications, or modifications regarding uncertainty, audit scope, or accounting principles.
• There were no disagreements or reportable events between Actinium and Marcum during the fiscal years ended December 31, 2024, and 2023, and through May 08, 2025.
• Actinium engaged CBIZ CPAs as its new independent registered public accounting firm for the fiscal year ending December 31, 2025, with the approval of the company's Audit Committee on May 08, 2025.
• Prior to the engagement, Actinium did not consult with CBIZ CPAs on accounting principles, audit opinions, or any matters that were the subject of disagreement or reportable events.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive. The auditor change is a procedural matter resulting from an acquisition, and there are no indications of any underlying issues or disagreements.

Positives

• The transition to a new auditor appears smooth, with no reported disagreements or reportable events with the previous auditor, Marcum LLP.
• Marcum LLP agreed with the statements made by Actinium Pharmaceuticals, Inc. under Item 4.01 of its Form 8-K dated May 9, 2025.

Future Outlook

The company will be audited by CBIZ CPAs for the fiscal year ending December 31, 2025.

Industry Context

Changes in accounting firms are relatively common, especially following mergers and acquisitions within the accounting industry. This change appears to be a direct result of CBIZ CPAs acquiring Marcum's attest business.

Comparison to Industry Standards

• The process of changing auditors and ensuring a smooth transition with no disagreements is a standard practice in corporate governance.
• Companies like Pfizer, Johnson & Johnson, and Merck also routinely undergo auditor changes, often driven by factors such as firm rotation policies or M&A activity within the accounting industry.
• The disclosure of no disagreements or reportable events aligns with SEC regulations and industry best practices for auditor transitions.

Stakeholder Impact

• Shareholders should expect a seamless transition in the auditing process.
• Employees in the finance department will be working with a new auditing firm.

Key Dates

Keywords

independent registered public accounting firm, CBIZ CPAs, Marcum LLP, auditor, accounting, Actinium Pharmaceuticals