Atos issued a press release on April 1, 2021, revealing that its auditors issued a “qualified opinion . . . as to two US legal entities representing 11% of 2020 consolidated revenue that require additional diligences.” Specifically, these auditors identified “internal weaknesses over financial reporting process and revenue recognition in accordance with IFRS 15 leading to several accounting errors, as well as risk of override of controls in this respect.” Atos stated that it had hired external firms in order to conduct an investigation and that the auditors had not been able to obtain sufficient evidence that Atos’ financial statements were free of material misstatements within the necessary timeframe, due to those procedures. On April 1, 2021, Atos’ share price fell $1.67 per share, or 10.81%, on this news to close at $13.78 per share, thereby injuring investors.
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