Dada Nexus Limited DADA shares are trading lower Monday after the company said that in the course of its routine internal audit, certain suspicious practices were identified that may cast doubt on some revenues from the company's online advertising and marketing services in 2023.
The Details:
Dada Nexus said that it estimates revenues may have been overstated and that its fourth-quarter and 2023 guidance should no longer be relied upon.
Dada shares are falling on heavy trading volume following the company's statements. According to data from Benzinga Pro, more than 11.7 million shares have been traded in the session, compared to the stock's 100-day average of 1.225 million shares.
According to data from Benzinga Pro, Dada set a new 52-week intraday low at $1.89 Monday.
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DADA Price Action: According to Benzinga Pro, Dada Nexus shares are down 36.5% at $2.00 at the time of publication.
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