The investigation concerns whether Cnova and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On December 18, 2015, post-market, Cnova announced that the Company's Board of Directors has engaged legal advisors and external forensic accountants to perform a review of issues in connection with employee misconduct related to inventory management.
On this news, Cnova stock fell $0.53, or nearly 18%, to close at $2.42 on December 21, 2015.
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