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Sonder Holdings Inc.

Company NameSonder Holdings Inc.
Stock SymbolSOND

On March 15, 2024, Sonder disclosed that it would be unable to timely file its fourth quarter and full year 2023 financial results, and that it had determined that the Company’s financial statements for the year ended December 31, 2022 and the first three quarters of 2023 “should no longer be relied upon due to accounting errors related to the valuation and impairment of operating lease right of use assets and related items.” Additionally, the Company stated that it anticipates an ongoing assessment “will result in one or more material weaknesses in the Company’s internal control over financial reporting during the applicable periods, in addition to the Company’s previously identified and reported material weaknesses.”

On this news, Sonder’s stock price fell $2.10, or 38.2%, to close at $3.40 per share on March 18, 2024, thereby injuring investors.

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