Why Richtech Robotics Stock Fell off a Cliff in June
Investors didn't appreciate the company's news about accounting errors in its financial statements.
Overview
Few investors are happy when one of their investments admits to faults in important financial statements. That was the main development putting Richtech Robotics (NASDAQ: RR) stock in reverse during June. The company's shares declined by slightly over 30% in the period.
On June 12, Richtech divulged in a regulatory filing that the audit committee of its board of directors found that the company's audited financial statements for its two most recent fiscal years "should not be relied upon and require restatement" due to errors.
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Details
Source
Originally published at www.fool.com.
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