Why BigBear.ai Stock Is Plummeting Today

BigBear.ai (NYSE: BBAI) stock is getting hit with big sell-offs Tuesday following news that the company will delay a key financial filing. The software company's share price was down 11.6% as of 11:45 a.m. ET. The stock had been down as much as 18.1% earlier in trading.BigBear.ai submitted a filing to the Securities and Exchange Commission (SEC) today stating that it would not the normal filing deadline for its annual 10-K report. The company said that it will need to restate previously reported results, and investors are dumping the stock in response.In its filing with the SEC today, BigBear.ai said that it will need to go back and restate financial results for its 2022 and 2023 fiscal years. The company will also need to restate individual quarterly results for 2023 and 2024. The need to restate accounting related to convertible notes that are scheduled to mature in 2026. The embedded conversion option was not originally accounted for as a derivative from the 2026 notes, and this issue will need to be corrected in refilings. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool