|Company Name||Care.com, Inc.|
On March 8, 2019, The Wall Street Journal reported that caregivers with police records were “listed on Care.com and later accused of committing crimes while caring for customers’ children or elderly relatives.” The crimes allegedly committed include child/elder abuse, theft, sexual assault, and murder.
On this news, shares of Care.com fell $2.93 per share, or over 12%, over several trading sessions to close at $20.48 on March 11, 2019, thereby injuring investors.
Then, on March 31, 2019, The Wall Street Journal published another article in which it reported that hundreds of daycare centers listed on Care.com as state licensed did not appear to be state licensed. Additionally, thousands of previously unverified listings for day-care centers had been removed from Care.com shortly before the publication of the March 8, 2019 Wall Street Journal article.
On this news, shares of Care.com fell $1.31 per share, or over 6%, over several trading sessions to close at $18.45 on April 1, 2019, thereby injuring investors further.
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