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Verra Mobility Corporation

Company NameVerra Mobility Corporation
Stock SymbolVRRM

On February 28, 2022, Verra announced that revenues from its recently acquired Australian subsidiary, Redflex Holdings Limited, were not recorded in accordance with generally accepted accounting principles. The Company’s Audit Committee was investigating whether any related adjustment is necessary for the previously issued financial statements for the second and third quarters of fiscal year 2021. As a result, Verra would not timely file its 2021 annual report.

On this news, Verra’s stock fell as much as 7.6% during intraday trading on February 28, 2022, thereby injuring investors. 

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