SEC Adds Weibo To Its Provisional List Under Holding Foreign Companies Accountable Act

The SEC added the Chinese social media platform Weibo Corp WB to its provisional list of companies identified under the Holding Foreign Companies Accountable Act.
The SEC is required to identify public companies that have retained a public accounting firm to issue an audit report where the firm has a branch or office that: (1) is located in a foreign jurisdiction, and (2) the Public Company Accounting Oversight Board (“PCAOB”) has determined that it is unable to inspect or investigate entirely because of a position taken by an authority in the foreign jurisdiction.
Earlier this month, Weibo reported Q4 revenue growth of 20% year-on-year to $616.3 million, beating the consensus of $607.8 million. Non-GAAP EPS of $0.83 beat the consensus of $0.81.
Price Action: WB shares traded lower by 1..1% at $26.81 on the last check Wednesday.

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