On March 26, 2024, before the market opened, bluebird filed an 8-K with the SEC in which it announced, “[o]n March 24, 2024, the Audit Committee of the Board of Directors (the “Audit Committee”) of the Company, based on the recommendation of management and after consultation with EY, concluded that the Company’s previously-issued audited consolidated financial statements for each fiscal year beginning January 1, 2019 and its previously-issued unaudited interim condensed consolidated financial statements for each of the first three quarters in such years, as well as the associated earnings releases and investor presentations or other communications describing such financial statements, were materially misstated and, accordingly, should no longer be relied upon.”

On this news, bluebird’s stock fell $0.16 per share, or 11.8%, to close at $1.20 per share on March 26, 2024.