|Company Name||Stamps.com, Inc.|
On February 21, 2019, Stamps.com announced that its key partnership with the U.S. Postal Service has ended. On an earnings call, Stamps.com’s chairman and Chief Executive Officer Kenneth Thomas McBride stated that, “We will no longer be exclusive to the USPS and that’s non-negotiable,” despite the fact that USPS-related business accounts for 87 percent of the Company’s revenue. The Company further announced that 2019 revenue was expected to decline 5.4%.
On this news, the Company’s stock fell $114.43, or nearly 58%, to close at $83.65 on February 22, 2019, thereby injuring investors.
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