The investigation focuses on whether Magnite issued misleading and/or false statements and/or failed to disclose information pertinent to investors. Magnite is the subject of a research report released by Spruce Point Management on January 7, 2021. It is alleged in this Spruce Point Management report that before its merger with Rubicon, which formed Magnite, Telaria suffered from business woes. It is also alleged that prior to the merger Rubicon also suffered from deep business problems. Discrepancies are also alleged in this report in regard to Telaria’s 2019 Capital Expenditures and the removal of $9.3 million in “Other Assets” by Magnite after the merger. The report alleges that Magnite utilized questionable financial reporting methods in order to hide Telaria’s financial problems. Shares of Magnite dropped by more than 6% on the same day, based on this news.
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