GTT - Why GTT Communications Stock Tumbled Today
Shares of GTT Communications (NYSE: GTT) slumped on Tuesday after the telecommunications company disclosed that it would delay the filing of its 10-Q for the quarter ended June 30. The stock was down about 11.5% at 1:35 p.m. EDT.
GTT said in a filing with the SEC that it discovered "certain issues related to the recording and reporting of Cost of Telecommunications Services and related internal controls" while it was closing its books for the quarter. Management, the audit committee of the board of directors, and outside counsel and consultants are now reviewing these issues to determine if any restatements of previously issued financial statements are required.
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