LZ - Why Is LegalZoom's Stock Crashing? | Benzinga
LegalZoom.com, Inc. (NASDAQ:LZ) shares are tanking Wednesday after the company announced a CEO transition and lowered its full-year guidance.
The Details:
After Tuesday's closing bell, LegalZoom announced its current CEO Dan Wernikoff is stepping down and resigning from the company’s board of directors. The company said the Board of Directors Chairman, Jeffrey Stibel, was named LegalZoom's next CEO, effective immediately.
The company also cut its revenue guidance for the full year to a range of $675 million to $685 million, versus the $710.353 million estimate, and its free cash flow expectation for the full year to a range of $75 million to $85 million.
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