The Sunday evening announcement that its CEO and President resigned — and their LinkedIn messages citing “irreconcilable differences” with the company’s board of directors — sent Comscore shares into a tailspin on Monday.
Tuesday’s trading was equally harsh.
At the Closing Bell, SCOR was off an additional 18 cents to $14.06.
Volume was high once again at 1.39 million shares. Average volume for Comscore stock is 185,529 shares.
Big dips were seen in the midday hour, with SCOR slumping as low as $13.61 before moderating in afternoon trading.
With investor confidence in Comscore shaken following the resignations late Sunday of CEO Bryan Wiener and President Sarah Hofstetter, three law firms have announced investigations “on behalf of investors” concerning possible violations of federal securities laws.
Los Angeles-based Glancy Prongay & Murray LLP believes SCOR shareholders were “injured” by yesterday’s stock meltdown, precipitated not only by the exit of both Wiener and Hofstetter but also by revealing that it expects first quarter 2019 revenue to be between $100 million and $104 million.
Analysts had estimated approximately $106 million in revenue.
Also announcing similar investigations were New York-based Bragar Eagel & Squire, P.C. and Law Offices of Howard G. Smith, based in Bensalem, Pa.