Why Newsmax Stock Is Plummeting This Week

Shares of Newsmax (NYSE: NMAX) are falling this week. As of 1 p.m. ET, the company's stock had lost 46%. The fall comes as the S 500 and the Nasdaq Composite saw one of their most chaotic weeks in years.

This week, the media company was dealt a major blow in its ongoing defamation case with Dominion Voting Systems.

On Wednesday, Judge Eric M. Davis of the Delaware Superior Court ruled that the cable news channel had made defamatory statements about Dominion Voting Systems when it falsely claimed the company rigged votes in the 2020 presidential election. The judge said there was "clear and convincing evidence" that Newsmax's statements were false and that they caused damage to the company.

Source Fool.com