<SEC-DOCUMENT>0001193125-19-101795.txt : 20190409
<SEC-HEADER>0001193125-19-101795.hdr.sgml : 20190409
<ACCEPTANCE-DATETIME>20190409172102
ACCESSION NUMBER:		0001193125-19-101795
CONFORMED SUBMISSION TYPE:	NT 10-Q
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181231
FILED AS OF DATE:		20190409
DATE AS OF CHANGE:		20190409
EFFECTIVENESS DATE:		20190409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUANTUM CORP /DE/
		CENTRAL INDEX KEY:			0000709283
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER STORAGE DEVICES [3572]
		IRS NUMBER:				942665054
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		NT 10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13449
		FILM NUMBER:		19740127

	BUSINESS ADDRESS:	
		STREET 1:		224 AIRPORT PARKWAY
		STREET 2:		SUITE 550
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		408 944 4000

	MAIL ADDRESS:	
		STREET 1:		224 AIRPORT PARKWAY
		STREET 2:		SUITE 550
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
</SEC-HEADER>
<DOCUMENT>
<TYPE>NT 10-Q
<SEQUENCE>1
<FILENAME>d727081dnt10q.htm
<DESCRIPTION>NT 10-Q
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<TITLE>NT 10-Q</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">12b-25</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>NOTIFICATION
OF LATE FILING </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">(Check one):&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Form 10-K&nbsp;&nbsp;&nbsp;&nbsp; &#9744;&nbsp;&nbsp;Form 20-F&nbsp;&nbsp;&nbsp;&nbsp; &#9744;&nbsp;&nbsp;Form
11-K&nbsp;&nbsp;&nbsp;&nbsp; &#9746;&nbsp;&nbsp;Form 10-Q</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">&#9744;&nbsp;&nbsp;Form N-SAR&nbsp;&nbsp;&nbsp;&nbsp; &#9744;&nbsp;&nbsp;Form N-CSR</P></TD></TR>

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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">For&nbsp;Period&nbsp;Ended: December&nbsp;31, 2018</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;Transition Report on Form 10-K</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;Transition Report on Form 20-F</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;Transition Report on Form 11-K</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;Transition Report on Form 10-Q</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&#9744;&nbsp;&nbsp;Transition Report on Form N-SAR</TD></TR>
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<TD VALIGN="top"></TD>
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<TD VALIGN="bottom">For&nbsp;the&nbsp;Transition&nbsp;Period&nbsp;Ended: &nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
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<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If the notification relates to a portion of the filing checked above, identify the item(s) to which the
notification relates: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.5pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.50pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART I &#151; REGISTRANT INFORMATION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>QUANTUM CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Full Name of Registrant) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name if
Applicable) </B></P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>224 Airport Parkway, Suite 550 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of Principal Executive Office (</B><B><I>Street and Number</I></B><B>)) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>San Jose, California 95110 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(City, State and Zip Code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART II &#151; RULES <FONT STYLE="white-space:nowrap">12b-25(b)</FONT> AND (c) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule <FONT
STYLE="white-space:nowrap">12b-25(b),</FONT> the following should be completed. (Check box if appropriate) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9746;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(a)</TD>
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<TD VALIGN="bottom">The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense;</TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center">(b)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The subject annual report, semi-annual report, transition report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> Form <FONT STYLE="white-space:nowrap">20-F,</FONT> Form <FONT STYLE="white-space:nowrap">11-K,</FONT> Form <FONT
STYLE="white-space:nowrap">N-SAR</FONT> or Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report or transition
report on Form <FONT STYLE="white-space:nowrap">10-Q,</FONT> or portion thereof, will be filed on or before the fifth calendar day following the prescribed due date; and</TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">&#9744;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(c)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">The accountant&#146;s statement or other exhibit required by Rule <FONT STYLE="white-space:nowrap">12b-25(c)</FONT> has been attached if applicable.</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART III &#151; NARRATIVE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">State below in reasonable detail why Forms <FONT STYLE="white-space:nowrap">10-K,</FONT> <FONT STYLE="white-space:nowrap">20-F,</FONT> <FONT
STYLE="white-space:nowrap">11-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q,</FONT> <FONT STYLE="white-space:nowrap">N-SAR,</FONT> <FONT STYLE="white-space:nowrap">N-CSR,</FONT> or the transition report or portion thereof, could not be filed
within the prescribed time period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Quantum Corporation (&#147;Quantum&#148; or the &#147;Company&#148;) has determined that it is unable to file its
Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended December&nbsp;31, 2018 (the &#147;Form <FONT STYLE="white-space:nowrap">10-Q&#148;)</FONT> by February&nbsp;9, 2019, the original due date for such filing,
without unreasonable effort or expense due to the circumstances described below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously disclosed, the Company received a subpoena from the
Securities and Exchange Commission (&#147;SEC&#148;) regarding its accounting practices and internal controls related to revenue recognition for transactions commencing April&nbsp;1, 2016, which was subsequently revised in discussions with the SEC
to include transactions commencing January&nbsp;1, 2015. In response to the subpoena, the Company has produced certain documents and provided certain information to the Staff of the SEC. Following receipt of the SEC subpoena, as previously
disclosed, the audit committee (the &#147;Audit Committee&#148;) of the Company&#146;s Board of Directors (the &#147;Board&#148;) began an independent investigation of the Company&#146;s accounting practices and internal control over financial
reporting related to revenue recognition for transactions commencing on January&nbsp;1, 2016 with the assistance of independent advisors. Subsequently, a special committee of the Board (the &#147;Special Committee&#148;) consisting of two members of
the Audit Committee undertook to continue the investigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company previously announced in its Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> filed with the SEC on September&nbsp;14, 2018 that the Special Committee has substantially completed and finalized its principal findings with respect to its investigation. The principal findings include a
determination that the Company engaged in certain business and sales practices that may undermine the Company&#146;s historical accounting treatment for transactions with several key distributors and at least one end customer. The identified
transactions potentially affected by such practices date from at least the fourth quarter of fiscal 2015 </P>
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through the fourth quarter of fiscal 2018. The Special Committee also found that these business and sales practices may have resulted in the Company recognizing revenue for certain transactions
prior to satisfying the criteria for revenue recognition required under U.S. Generally Accepted Accounting Principles (&#147;GAAP&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
September&nbsp;14, 2018 and as previously disclosed, the Board concluded that the Company&#146;s previously issued consolidated financial statements and other financial data for the fiscal years ended March&nbsp;31, 2015, March&nbsp;31, 2016 and
March&nbsp;31, 2017 contained in its Annual Reports on Form <FONT STYLE="white-space:nowrap">10-K,</FONT> and its condensed consolidated financial statements for the quarters and
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-date</FONT></FONT> periods ended June&nbsp;30, 2015, September&nbsp;30, 2015, December&nbsp;31, 2015, June&nbsp;30, 2016, September&nbsp;30, 2016, December&nbsp;31, 2016,
June&nbsp;30, 2017 and September&nbsp;30, 2017 contained in its Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> (collectively, the <FONT STYLE="white-space:nowrap">&#147;Non-Reliance</FONT> Periods&#148;) should no longer be
relied upon because of misstatements described further below. The Board also determined that the Company&#146;s disclosures related to such financial statements and related communications issued by or on behalf of the Company with respect to the <FONT
STYLE="white-space:nowrap">Non-Reliance</FONT> Periods, including management&#146;s assessment of internal control over financial reporting and disclosure controls and procedures, should no longer be relied upon. The determination by the Board (the <FONT
STYLE="white-space:nowrap">&#147;Non-Reliance</FONT> Determination&#148;) was made upon the recommendation of the Audit Committee, as a result of the investigation described above and after consultation with the Company&#146;s management team. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has determined that the accounting treatment historically applied by the Company for certain transactions occurring during the <FONT
STYLE="white-space:nowrap">Non-Reliance</FONT> Periods was not appropriate and inconsistent with the business and sales practices identified in the investigation, which resulted in the Company recognizing revenue for those transactions prior to
satisfying the criteria for revenue recognition required under GAAP. Revenue recognized prematurely will be recognized in different historical periods or, where the criteria for recognition of revenue under GAAP have not yet been satisfied, may be
recorded in future periods upon satisfaction of the criteria required by GAAP. Based on its preliminary analysis, which is subject to change, the Company estimates that: (i)&nbsp;as of September&nbsp;30, 2017, the end of the last fiscal quarter
publicly reported by the Company, there was between approximately $25&nbsp;million and $35&nbsp;million of prematurely recognized revenue in the historical periods that may be recognized in periods subsequent to that date upon satisfaction of the
criteria required by GAAP; and (ii)&nbsp;as of December&nbsp;31, 2018, the end of its most recently completed fiscal quarter, there was between approximately $5&nbsp;million and $15&nbsp;million of prematurely recognized revenue in the historical
periods that may be recognized in future periods upon satisfaction of the criteria required by GAAP. Additionally, other known misstatements will be corrected in connection with the restatement of the Company&#146;s historical financial statements.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company&#146;s management has retained separate advisors to assist it with an assessment of the accounting matters related to the Special Committee
investigation, including the periods identified by the Special Committee and prior to those covered by the SEC subpoena, including the determination and quantification of misstatements in these periods. This assessment is ongoing, and although
sufficient information is available to support the determination made by the Board and discussed above, the Company has not yet made any findings on the specific amounts to be set forth in the restated results. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company is evaluating the impact of the misstatements described above on its internal control over financial reporting and disclosure
controls and procedures, and expects to report one or more material weaknesses in internal control over financial reporting related to this matter and to report that its internal control over financial reporting and disclosure controls and
procedures were not effective as of the <FONT STYLE="white-space:nowrap">Non-Reliance</FONT> Periods, as applicable, as well as in subsequent periods until such material weakness or weaknesses are remediated. The Company has begun to implement, will
continue to implement and will continue to evaluate additional remedial measures based on the findings from the investigation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the
investigation, the <FONT STYLE="white-space:nowrap">Non-Reliance</FONT> Determination and the misstatements described above, the Company and its advisors are performing additional work related to the periods included within the Form <FONT
STYLE="white-space:nowrap">10-Q,</FONT> which might result in adjustments to the financial statements and related disclosures included therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As
previously disclosed by the Company on January 21, 2019, in its Current Report on Form 8-K filed with the SEC, on that date the Company dismissed its independent registered public accounting firm, PricewaterhouseCoopers, and engaged Armanino LLP to
audit the Company&#146;s consolidated financial statements for the prior periods subject to the restatement as well as for subsequent periods. The Company&#146;s work to complete the restatement and to complete the audit work with Armanino is
on-going. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a result of these developments, the Company has been unable to complete its preparation and review of its Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> in time to file within the prescribed time period without unreasonable effort or expense. While the Company continues to work expeditiously to conclude this review and file the Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> as soon as practicable, the Company does not anticipate filing such Quarterly Report on <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> within the five day extension provided by Rule <FONT
STYLE="white-space:nowrap">12b-25(b).</FONT> The Company will continue to devote the resources necessary to address the <FONT STYLE="white-space:nowrap">Non-Reliance</FONT> Determination and to complete the filings, which will include financial
statements for the fiscal year ended March&nbsp;31, 2018, including management&#146;s assessment of internal control over financial reporting, and for the fiscal quarters ended December&nbsp;31, 2017, June&nbsp;30, 2018, September&nbsp;30, 2018, and
December 31, 2018, as soon as practicable. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PART IV &#151; OTHER INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(1) Name and telephone number of person to contact in regard to this notification </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>Michael Dodson</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"><B>(408)</B></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"><B><FONT STYLE="white-space:nowrap">944-4000</FONT></B></TD></TR>


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<TD VALIGN="top" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name)</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">(Area Code)</TD>
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<TD VALIGN="bottom" ALIGN="center">(Telephone Number)</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(2) Have all other periodic reports required under Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 or
Section&nbsp;30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify
report(s).&nbsp;&nbsp;&nbsp;&nbsp;Yes&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has not filed its Quarterly Reports on
Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the fiscal quarters ended December&nbsp;31, 2017 and June&nbsp;30, 2018, or its Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended March&nbsp;31, 2018. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(3) Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the
earnings statements to be included in the subject report or portion thereof?&nbsp;&nbsp;&nbsp;&nbsp;Yes<B>&nbsp;&nbsp;</B>&#9746;<B></B><B></B>&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company is unable to provide a reasonable estimate of its results of operations for the quarter ended
September&nbsp;30, 2018 for the reasons set forth in Part&nbsp;III above describing why the <FONT STYLE="white-space:nowrap">Form&nbsp;10-Q</FONT> could not be filed on time. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Note Regarding Forward Looking Statements</B>: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Forward-Looking Statements</I>: This Form <FONT STYLE="white-space:nowrap">12b-25</FONT> contains &#147;forward-looking&#148; statements. All statements
other than statements of historical fact are statements that could be deemed forward-looking statements. The Company advises caution in reliance on forward-looking statements. Forward-looking statements include, without limitation, the consequences
and effects of the Special Committee investigation, including on previously announced Company financial results; the Company&#146;s estimates that: (i)&nbsp;as of September&nbsp;30, 2017, the end of the last fiscal quarter publicly reported by the
Company, there was between approximately $25&nbsp;million and $35&nbsp;million of prematurely recognized revenue in the historical periods that may be recognized in periods subsequent to that date upon satisfaction of the criteria required by GAAP;
and (ii)&nbsp;as of September&nbsp;30, 2018, there was between approximately $15&nbsp;million and $25&nbsp;million of prematurely recognized revenue in the historical periods that may be recognized in future periods upon satisfaction of the criteria
required by GAAP. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking statement, including the outcome of the Company&#146;s
completion of the quantification and evaluation of the specific impact of the misstatements related to revenue recognition on the Company&#146;s financial results and previously issued financial statements, including the possibility of material
adjustments thereto; and the discovery of additional and unanticipated information during the procedures required to be completed before the Company is able to file its required reports; the application of accounting or tax principles in an
unanticipated manner. See also additional risk factors set forth in the Company&#146;s periodic filings with the&nbsp;SEC, including, but not limited to, those risks and uncertainties listed in the section entitled &#147;Risk Factors,&#148; in the
Company&#146;s Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> filed with the&nbsp;SEC&nbsp;on&nbsp;November&nbsp;9, 2017. All forward-looking statements in this Form <FONT STYLE="white-space:nowrap">12b-25</FONT> are based on
information available to the Company as of the date of this filing.&nbsp;The Company expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as
required by applicable law. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>QUANTUM CORPORATION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Name of Registrant as Specified in Charter) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">has
caused this notification to be signed on its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Dated:&nbsp;April&nbsp;9, 2019</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ J. Michael Dodson</P></TD></TR>
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<TD VALIGN="bottom">J. Michael Dodson</TD></TR>
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<TD VALIGN="bottom">Chief Financial Officer</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">INSTRUCTION: The form may be signed by an executive officer of the registrant or by any other duly authorized representative.
The name and title of the person signing the form shall be typed or printed beneath the signature. If the statement is signed on behalf of the registrant by an authorized representative (other than an executive officer), evidence of the
representative&#146;s authority to sign on behalf of the registrant shall be filed with the form. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ATTENTION</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Intentional
misstatements or omissions of fact constitute Federal Criminal Violations (See 18 U.S.C. 1001).</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
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