Stagwell, Inc.
Case Overview
Status: | Status: Investigating |
Company Name: | Company Name: Stagwell, Inc. |
Ticker: | Ticker: STGW |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP is investigating potential claims against Stagwell, Inc. (“Stagwell” or the “Company”) (NASDAQ:STGW). The investigation concerns whether Stagwell and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
On February 27, 2024, Stagwell disclosed that it had identified “errors in the areas of income taxes as well as accumulated other comprehensive loss in its previously filed 2022 annual consolidated financial statements,” and accordingly revised its 2022 financial statements, increasing tax expenses by approximately $18 million. On this news, the price of Stagwell shares declined by $5.22 per share, or approximately 53.7%, from $9.72 per share on February 26, 2024 to close at $4.50 on February 27, 2024.
On February 27, 2024, Stagwell disclosed that it had identified “errors in the areas of income taxes as well as accumulated other comprehensive loss in its previously filed 2022 annual consolidated financial statements,” and accordingly revised its 2022 financial statements, increasing tax expenses by approximately $18 million. On this news, the price of Stagwell shares declined by $5.22 per share, or approximately 53.7%, from $9.72 per share on February 26, 2024 to close at $4.50 on February 27, 2024.