RBB Bancorp Says Internal Control Over Financial Reporting, Disclosure Controls And Procedures Were Not Effective As Of September 30, 2023; Issues Corrections To Q3 Earnings Release
Portfolio Pulse from Benzinga Newsdesk
RBB Bancorp disclosed that its internal control over financial reporting and disclosure controls and procedures were not effective as of September 30, 2023. The company has issued corrections to its Q3 earnings release.
November 14, 2023 | 8:24 pm
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RBB Bancorp's admission of ineffective internal controls and the need to correct its Q3 earnings could undermine investor confidence and potentially impact the stock price negatively in the short term.
The announcement of ineffective internal controls and subsequent corrections to financial statements are typically viewed negatively by investors, as they may signal deeper issues with financial management and governance. This can lead to a loss of investor confidence and a potential decrease in stock price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100