|Company Name||Xilinx Inc.|
On September 19, 2019, post-market, the Company announced that the its Chief Financial Officer and Executive Vice President, Lorenzo Flores, was stepping down from his position following the Company’s second quarter fiscal year 2020 earnings release on October 23.
Then, on September 20, 2019, Bank of America downgraded Xilinx to Neutral, citing uncertainties that could limit share upside, increasing competitive pressure in 5G base station silicon, and slower data center ramp.
On this news, the Company’s share price fell $7.07, or roughly 7%, to close at $96.55 per shareon September 20, 2019, thereby injuring investors.
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