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CTLP.US
id: 948

Cantaloupe (CTLP) Internal Control Setback Case

  • In Sep 2022, Cantaloupe delayed in 10-K filing, expecting to report internal control weakness.
  • On it, $CTLP fell 6.6%, losing $18M+ shareholder value.
  • Investors may suspect Cantaloupe of failing to disclose internal control setbacks, which led to their losses.
On September 28, 2022, Cantaloupe announced that it would not timely file its annual report year that ended June 30, 2022.
  • Cantaloupe further stated that it expected to report three material weaknesses in its internal control framework.
  • These setbacks were related to the design, implementation, and operating effectiveness of controls over revenue and accounts.
On this news, $CTLP fell 6.6% and lost over $18 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Cantaloupe and its executives failed to timely disclose internal control weaknesses, which consequently led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
29 September 2022
Collecting participants…