US liner specialist Horizon Lines became the latest public company to disclose a “going concern” notice from its auditors this week, and it had the predictable consequences on the owner’s share price.
The North Carolina-based company’s stock plunged 47.6% in trading on Tuesday, losing $1.47 per share en route to a $1.62 closing. The bloodletting continued on Wednesday as Horizon’s shares fell a further 14% by TradeWinds’s deadline.
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