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Ryvyl Inc.

Company NameRyvyl Inc.
Stock SymbolRVYL

On January 20, 2023, after the market closed, Ryvyl announced that its previous financial statements for the year-end and interim periods for fiscal 2021 and 2022 “can no longer be relied upon.” The Company anticipated filing restatements, which will “result in decreases to total revenue, increased net losses, decreases to total assets, and [decrease] total stockholder’s equity.” The Company also disclosed that it had determined “one or more material weaknesses” in its internal control over financial reporting, including a “material weakness related to accounting for certain complex business transactions.”

On this news, Ryvyl’s stock price fell $0.12, or 14.6%, to close at $0.70 per share on January 23, 2023, thereby injuring investors.

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