On May 17, 2023, Bowlero Corp., announced Q3 2023 financial results. As part of those results, Bowlero disclosed that its disclosure controls and procedures were not effective because of a material weakness related to certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures. The Company also noted, “Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger.”
On this news, Bowlero’s stock price fell $2.35 per share, or 16.71% to close at $11.71 per share on May 18, 2023.
