Why Lemonade Stock Went Bad on Thursday
A delay and a departure were the two main reasons for the decline of Lemonade's (NYSE: LMND) stock on Thursday. The next-generation fintech's share price slipped by 1% on the day, in contrast to the rising S&P 500 index, which increased at nearly that same percentage rate.
In a regulatory filing, Lemonade divulged that it will not be submitting its annual report, in the form of the required 10-K document, within the prescribed time period.
Lemonade said this was due to its July 2022 acquisition of vehicle insurer Metromile; this apparently requires more time "to address the accounting," for Metromile's incorporation into its now-parent. Lemonade added that it should be able to complete the filing within the mandated extension period; it did not provide a more precise estimate on the timing.
Source Fool.com
