|Company Name||MicroStrategy Incorporated|
On January 29, 2019, the Company disclosed a material weakness in its internal controls over financial reporting. The Company stated that the material weakness “relates to general information technology controls in the areas of user access, program change-management and other matters impacting information technology systems that support MicroStrategy’s financial reporting processes.”
On this news, shares of MicroStrategy fell $10.90 per share, or nearly 8%, to close at $127.37 per share on January 30, 2019, thereby injuring investors.
Then, on July 8, 2019, the Company announced the resignations of two senior executives: Kevin Norlin, Senior Executive Vice President of Worldwide Sales, and Stephen H. Holdridge, Senior Executive Vice President of Worldwide Services. The Company further stated that it began a search for a new Chief Financial Officer (“CFO”) because its current CFO, Phong Le, would assume the responsibilities of head of Worldwide Sales and Services following the recent resignations.
On this news, shares of MicroStrategy fell $14.31 per share, or more than 10%, to close at $125.93 per share on July 8, 2019, thereby injuring investors further.
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