Movado Group, Inc.
| Company Name | Movado Group, Inc. |
| Stock Symbol | MOV |
On April 11, 2025, Movado disclosed that it had “[become] aware of allegations of misconduct within the Dubai branch” of its subsidiary, MGI Luxury Group Sárl, and “determined that the former managing director of the Dubai Branch . . . as well as certain employees under his direction, took actions that resulted in an overstatement of sales, premature recognition of sales, and underreporting of credit notes (e.g., sales discounts) owed to customers,” including “the use of a third-party warehouse unknown to the Company’s management to facilitate the premature recognition of sales, and the falsification of documents to circumvent internal controls. The conduct occurred over a period of approximately five years[.]” The Company further determined that its financial statements dating back to 2022 require restatements and disclosed that management had “identified a material weakness in internal control over financial reporting.”
On this news, Movado’s stock price fell as much as 6.9% during intraday trading on April 11, 2025, thereby injuring investors.
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