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Avaya Holdings Corp.

Company NameAvaya Holdings Corp.
Stock SymbolAVYA

On August 9, 2022, Avaya released its preliminary third quarter 2022 financial results, reporting sales of $577 million, down 20% year-over-year in constant currency. The Company provided no explanation for the earnings miss, but disclosed that there is “substantial doubt about the Company’s ability to continue as a going concern.” The Company also announced that its audit committee is investigating a whistleblower letter and its recent earnings report. As an article by The Wall Street Journal pointed out, Avaya missed earnings and cut its earnings forecast by 60% just weeks after borrowing $600 million from institutional investors in June.

On this news, Avaya’s stock fell $0.51, or 45.5%, to close at $0.61 per share on August 9, 2022, thereby injuring investors.

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