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id: 133, Created by Stan Vick, Scout
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On May 10, 2022, Unity announced its financial results for Q1 2022 below the market expectations and significantly reduced its fiscal 2022 guidance, announcing “challenges with monetization products.” Unity stated that “a fault in platform resulted in reduced accuracy for its Audience Pinpointer tool, an expensive revenue issue given that the Pinpointer tool experienced significant growth post the IDFA changes.”
On this news, Unity’s stock price fell by 37%, to close at $30.30 per share on May 11, 2022.
Furthermore, the market pointed out the continuous sale of stock by insiders in the last 12 months.
Thus, there is reason to believe that the Company did not properly disclose deficiencies in Unity’s product platform reduced the accuracy of the Company’s machine learning technology which consequently led to the negative impact on the Company’s revenues. As a result, Unity had overstated the Company’s commercial and financial prospects for 2022.
Failure to Disclose,
Shock Event Date
10 May 2022