Credit Suisse (NYSE:CS) stock is in a tough spot on Thursday after the company was forced to delay the filing of its annual report.
The Credit Suisse Annual Report won’t be filed when expected due to a request from the Securities and Exchange Commission (SEC). The agency is seeking more information from Credit Suisse about its cash flows from 2019 and 2020.
That request from the SEC came late on Wednesday night, which was just before Credit Suisse intended to file its annual report today. While that delays the company’s annual report, Credit Suisse notes it has no effect on its 2022 earnings report filed on Feb. 9.
What This Means for CS Stock
Royal Bank of Canada analyst said the following to Bloomberg about the Credit Suisse news:
“We have generally not focused on cash flow statements; the amounts are relatively small and the restatement was previously disclosed. However, questions with respect to accounting, especially from the SEC, are negative.”
It’s worth noting that this SEC request comes at a time when Credit Suisse is trying to rebuild investor confidence. That includes undergoing a major restructuring as it attempts to move past a series of scandals.
CS stock is down 1.7% as of Thursday morning and is down 8.7% since the start of the year.
There’s more stock market news traders will want to know about at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
