|Company Name||AutoWeb, Inc.|
On March 8, 2018, AutoWeb reported fiscal year 2017 revenue of only $142.1 million which fell below the Company’s prior guidance of $144 to $148 million. The Company attributed the shortfall to “higher traffic acquisition costs.” The Company further announced that its CEO, Jeff Coats, and its CFO, Kimberly Boren, were “stepping down.”
On this news, AutoWeb’s share price fell $2.82, or 41.6%, to close at $3.96 per share on March 9, 2018, thereby injuring investors.
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