Infinera Corporation
Company Name | Infinera Corporation |
Stock Symbol | INFN |
On February 29, 2024, Infinera disclosed that “the Company’s management concluded that, as of December 31, 2022, there were material weaknesses in its internal control over financial reporting related to its revenue cycle, inventory cycle, and with respect to these, its internal resources, expertise and policies required to maintain an effective control environment.”
Then, on March 6, 2024, Infinera disclosed that the Company’s Chief Legal Officer “will transition to an Advisor role reporting to the Company’s Chief Executive Officer” and “will no longer serve as an executive officer of the Company.”
On this news, Infinera’s stock price fell as much as 17% during intraday trading on March 7, 2024, thereby injuring investors.
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