Kyndryl shares plunge amid accounting review and leadership shakeup
Shares of Kyndryl Holdings Inc. plunged by more than half in early trading today after the company delayed its quarterly filing, disclosed material weaknesses in financial controls, cut its full-year outlook and announced the departure of its chief financial officer.
The New York-based information technology infrastructure services provider, which was spun off from IBM Corp. in 2021, said it will postpone filing its Form 10-Q for the quarter ended Dec. 31 as its audit committee reviews cash management practices, related disclosures and the effectiveness of internal controls over financial reporting. The review follows voluntary document requests from the enforcement division of the U.S. Securities and Exchange Commission,…
