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Boxed (BOXD) Potential Bankruptcy Case
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- In March, WSJ reported Boxed may be facing a risk of bankruptcy.
- $BOXD fell 48.25%, losing $15M+ of shareholder value.
- Investors may suspect Boxed of hiding the true state of its business and finances, which led to their losses.
On March 14, 2023, the WSJ reported that Boxed (BOXD) may file for bankruptcy as it continues to explore a possible sale of its business. WSJ provided further details:
- Boxed went public less than two years ago.
- Boxed is looking for a new commercial banking relationship.
- Boxed transferred most of its cash out of its accounts at Silicon Valley Bank.
On this news, $BOXD fell 48.25% and lost over $15 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Boxed and its executives hid the real state of the business, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
15 March 2023