Atos Stock Plummets After U.S. Accounting Errors Disclosed
‘Atos is committed to the highest standards, and the group is strongly enhancing its preventive controls and processes through a comprehensive action plan,’ Atos says in a statement. By Donna Goodison April 01, 2021, 01:51 PM EDT
French solution provider Atos took a big stock hit today after disclosing that auditors discovered accounting errors at two of its U.S. subsidiaries.
Shares of the Bezons, France-based company fell the most in almost 2.5 years, dropping more than 21.6 percent to a low of 52.14 euros on the Paris Euronext Market before closing at 58.26 euros, down 12.4 percent.
The accounting errors were tied to the U.S.-based Atos IT Solutions and Services and Atos IT Outsourcing Services, which represent 11 percent of Atos’ 2020 revenue for the year ended Dec. 31, 2020, and 9 percent of its operating margin.
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