Steinhoff International Holdings NV plunged 57% in early trade on Wednesday after the retail holding company said Chief Executive Markus Jooste had resigned with immediate effect amid an accounting probe. The company said “new information has come to light today which relates to accounting irregularities requiring further investigation.” Steinhoff had been due to release its fiscal 2017 earnings report on Wednesday, but said the results will come out when it is “in a position to do so.” The company added it also needs to determine if any financial statements from previous years need to be restated.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News