Why Shares of Ribbon Communications Tumbled Thursday
Just two weeks after Ribbon Communications (NASDAQ: RBBN) reported worse-than-expected third-quarter results that sent shares plummeting, the stock was getting slammed yet again on Thursday. Shares sank as much as 27.4% and were down 25.9% at the close.
The stock's sharp decline on Thursday follows news that the company's CEO, Fritz Hobbs, is stepping down. In addition, the company said it has entered into a definitive agreement to merge with network solutions specialist ECI Telecom Group to help the company enter the 5G market.
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Source Fool.com
