Twitter Inc (NYSE:TWTR) tasted its own medicine lately when a web crawling firm based in New Jersey called Selerity unveiled Twitter’s Q1 numbers. The crawler broadcasted TWTR’s results an hour or so before the anticipated time of release. The company revealed that the crawling software intends to find financial data. It tracked down the press release link and shared the investor relation page’s link outright on the web.
Twitter Share Price Plunges
The disclosure was apparently poor, on TWTR’s perspective. The company missed its expectations quite poorly. Investors shunned the reports and started selling off the stocks; consequently, the shares plunged by 18%.
Nasdaq Accepts Fault
Nasdaq hosted Twitter’s investor relations page. A Nasdaq spokesperson, Joe Christinat stated that the release was inadvertent, and thus was accessible publicly. The spokesperson stated that the top notch officials are investigating the case, and a solution shall be reached shortly. However, the issue hardly impacted any client hailing from shareholder.com.
Head of TWTR’s investor relations, Krista Bessinger had asked NYSE to halt trading, once the authorities realized that the results were disclosed prematurely. The company is in talks with Nasdaq on this issue. The TWTR stock had lowered to $48.35 before the trading was halted at 3:27 pm. Once trading resumed nearly 20 minutes later, shares dropped 18%. In the history of TWTR, it is the second time that such a fall has happened.
Selerity-Leak Leads To Twitter Fiasco
Selerity is one of those companies that use social media to provide clients with loads of information. The records and numbers were released prior schedule of disclosure. Twitter Inc (NYSE:TWTR) had been faring well in the stock market; however the responses led to panicky and negative sentiments amongst people who intended to unload the shares.
The TWTR leak is reminiscent of the Internet fiascos that affected the stock indices, making investors panicky, leading to dropping of TWTR’s prices.
