On May 18, 2021, Libsyn filed a notice with the U.S. Securities and Exchange Commission, stating that the Company’s “Consolidated Balance Sheet as of December 31, 2018, the Consolidated Statement of Operations for the year ended December 31, 2018, the Statement of Stockholders’ Equity for the year ended December 31, 2018, and the Consolidated Statement of Cash Flows for the year ended December 31, 2018, all as presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on May 27, 2020” as well as “[t]he related interim financial statements and interim financial statements for the first three quarters of 2018” “should no longer be relied upon due to errors in recording local sales and income tax, errors in recording VAT and General Sales Taxes, errors in recording withholding tax related to restricted stock vesting events, and errors associated with deferred tax calculations[.]” Libsyn advised that “[t]he Company will correct the financial statements for 2018 and 2019 and the quarterly reports for 2020 in forthcoming amendments to the applicable Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.”

On this news, Libsyn’s stock price fell $0.31 per share, or 7%, over the next three days to close at $4.08 per share on May 21, 2021.

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