Trump Media & Technology Overhauls Auditors Amid SEC Fraud Allegations
Portfolio Pulse from Shivani Kumaresan
Trump Media & Technology Group Corp (NASDAQ:DJT) has replaced its auditors, dismissing BF Borgers CPA PC and appointing Semple, Marchal & Cooper, LLP, following SEC fraud allegations against BF Borgers and its owner. The SEC charged the firm with failures to comply with PCAOB standards, leading to a $12 million penalty for BF Borgers and a $2 million penalty for its owner. Trump Media CEO Devin Nunes has also raised concerns about potential stock manipulation and anomalous trading, specifically mentioning suspected short-selling activities in DJT shares. DJT shares saw a 3.83% increase to $49.76.
May 06, 2024 | 4:59 pm
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Trump Media & Technology Group Corp changes auditors amidst SEC allegations against BF Borgers, with shares rising 3.83% to $49.76.
The auditor change and the settlement of SEC charges against the former auditor may restore some investor confidence, leading to a short-term positive impact on DJT shares. Additionally, the CEO's actions against suspected stock manipulation could be viewed positively by investors, further supporting the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100