Townsquare Media, Inc.
|Company Name||Townsquare Media, Inc.|
On June 9, 2020, Townsquare Media disclosed that it would report an impairment charge of approximately $39.4 million for its licenses and an impairment charge of approximately $69.0 million for its goodwill. The Company also announced that certain financial statements for fiscal years 2017, 2018 and 2019 should no longer be relied upon and would be restated due to an error "in the projected cash flows that were utilized in [its] valuation model."
On this news, the Company's share price fell $1.20, or nearly 19%, to close at $5.28 per share on June 9, 2020, thereby injuring investors.
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