|Company Name||8x8, Inc.|
On July 31, 2019, B. Riley downgraded 8x8 from “Neutral” to “Sell” claiming the July 30, 2019 earnings report that 8x8 put out “appeared to pass muster at first glance” but that “dissecting the company’s guidance and cash flow statement left us with a number of concerns,” which includes deferred sales commissions costs and cash burn.
On this news, 8x8’s share price fell $2.27 per share or over 8%, to close at $24.17 on July 31, 2019, thereby injuring investors.
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