ALLR - Why Is Ryvyl (RVYL) Stock Is On the Move Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Ryvyl (NASDAQ:RVYL) stock is on the move Monday after saying its prior financial data can no longer be relied on.
According to a U.S. Securities and Exchange Commission (SEC) filing, the company’s financial statements for the year ending Dec. 31, 2021, can’t be relied on. This has it expecting to restate financials from that year and interim periods.
Ryvyl notes that when these restatements occur, it will likely result in less revenue for the company. Also expected are an increase in net loss, a decrease in total assets, as well as a drop in total stockholders’ equity.
Ryvyl points out that it’s now reevaluating its internal control over financial reporting. The company has identified one or more material weaknesses. That includes a weakness in accounting when it comes to complex business transactions.
What This Means for RVYL stock
With Ryvyl planning to restate financials and expecting worse results than previously expected, it makes sense investors wouldn’t be happy about the stock. However, other news has shifted the stock to gains instead of the losses it saw earlier this morning.
Ryvyl has announced plans to investigate the alleged illegal short-selling of its shares. Several companies have announced similar plans, and they’ve all seen the price of their stock increase on the news.
As of this writing, RVYL stock is up 1.2% as of Monday morning.
Investors looking for all of the latest stock market news are in luck!
InvestorPlace is home to the hottest stock market news traders need to know about on Monday! That includes what’s happening with shares of Pliant Therapeutics (NASDAQ:PLRX) and Allarity Therapeutics (NASDAQ:ALLR), as well as this mornings’ biggest pre-market stock movers. You can find out more on these matters below!
More Monday Stock Market News
- Why Is Pliant Therapeutics (PLRX) Stock Up 62% Today?
- Why Is Allarity Therapeutics (ALLR) Stock 72% Up Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Monday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- It doesn’t matter if you have $500 or $5 million. Do this now.
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
The post Why Is Ryvyl (RVYL) Stock Is On the Move Today? appeared first on InvestorPlace.