On November 8, 2022, information technology services and consulting company Unisys Corporation (NASDAQ: UIS) admitted that it would not be able to file its third quarter 2022 financial results. The company disclosed that it launched an internal investigation regarding “certain disclosure controls and procedures matters, including… the dissemination and communication of information within certain parts of the organization.”
Following this news of the internal investigation, Unisys’ stock price plummeted 49% on November 8, 2022, causing significant harm to investors.
Why is Unisys stock dropping?
On Tuesday, November 8, 2022, Unisys Corporation released its Q3 results for 2022, revealing it had missed revenue and earnings estimates and lowered its full year guidance for 2023. As reported by InvestorsObserver, the company’s earnings are down 50% since the same period last year.
Unisys also admitted that it will be unable to file its third quarter financial results on time due to an ongoing internal investigation regarding “certain disclosure controls and procedures matters, including, but not limited to, the dissemination and communication of information within certain parts of the organization.” Unisys added that it expects that the investigation may determine that there were “material weaknesses in its internal control over financial reporting, which may result in a conclusion that the Company’s disclosure controls and procedures and internal control over financial reporting are not effective.”
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