|Company Name||Magnite, Inc|
On January 7, 2021, Spruce Point Capital Management published a research report alleging that the Company's "investors are being misguided by Magnite's growth prospects and see 25%-50% downside" and that Magnite "continued to mask challenges with inaccurate financial reporting." The report further stated that “evidence shows Magnite is running two separate businesses, yet only reporting one operating segment, allowing it to bury clarity into its struggles.”
On this news, Magnite's stock price fell $1.70 per share, or 6%, to close at $25.61 per share on January 7, 2021, thereby injuring investors.
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