Qurate Retail, Inc.
|Company Name||Qurate Retail, Inc.|
On February 26, 2020, Qurate revealed that it had identified a material weakness in its internal control over financial reporting and "concluded that our internal control over financial reporting was ineffective as of December 31, 2019." Qurate specified that the material weakness "relates to information technology general controls (‘ITGCs’) in QVC’s Germany business. Specifically, the ITGCs were not consistently designed and operating effectively to ensure that access to certain financially significant applications and data, were adequately restricted to appropriate personnel."
On this news, the Company’s share price fell $2.09, or over 24%, to close at $6.46 per share on February 26, 2020, thereby injuring investors.
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