Trump Media & Technology (NASDAQ:DJT) stock is in the news Friday after the auditor BF Borgers CPA was hit with charges from the U.S. Securities and Exchange Commission (SEC).
The charges against the auditor and its owner include “massive” amounts of fraud that affect more than 1,500 SEC filings. The SEC claims the firm took part in “deliberate and systemic failures to comply with [the] Public Company Accounting Oversight Board.”
In response to this, BF Borgers CPA and its owner Benjamin Borgers have agreed to a permanent suspension of their accounting practices. They also agreed to pay $14 million in civil penalties connected to the fraud charges.
What This Means for DJT Stock
Considering the allegations against BF Borgers CPA, some investors are wondering about the financials of Trump Media & Technology. That makes sense, as the company decided to keep the firm as its auditor through 2024 earlier this year.
This also ties back to the company’s public debut earlier this year, when it combined with special purpose acquisition company (SPAC) Digital World Acquisition to go public. The two had been working on this merger since 2021. The SEC’s charges against BF Borgers CPA state that its false filings happened between 2021 and 2023, CNBC notes.
Today’s news has DJT stock down 3.8% as of Friday morning.
Investors looking for more of the latest stock market stories are in luck!
We have all of the hottest stock market news traders need to know about on Friday! That includes everything happening with shares of WideOpenWest (NYSE:WOW) stock, Palantir (NYSE:PLTR) stock and Apple (NASDAQ:AAPL) stock today. You can catch up on these matters at the links below!
More Friday Stock Market News
- Why Is WideOpenWest (WOW) Stock Up 30% Today?
- Jefferies Just Raised Its Price Target on Palantir (PLTR) Stock
- AAPL Shares Pop on $110 Billion Apple Stock Buyback Plans
On the date of publication, William White did not hold (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.
