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Why Eros STX Stock Crashed Today

TheMotleyFool

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Shares of Eros STX Global Corporation (NYSE: ESGC) have crashed today, down by 18% as of 11:20 a.m. EDT, after the company requested an extension to file its annual report with the SEC. It also provided investors with an update regarding its debt restructuring efforts.

The entertainment company, which produces TV and films, warned that it needed more time to scrutinize its books. Eros STX said that it expects to find material weaknesses in its internal controls for financial reporting, and that it is unsure when it will conclude its review.

Image source: Getty Images.

Source Fool.com

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