Social Reality: Swoons on disclosing non-reliance for 7 qtrly results

SRAX

08/04/2019 13:00

** Shares of Social Reality  SRAX.O  lose about 17% at
$3.75, among biggest decliners in U.S. stocks trading before the
bell
    ** Blockchain-based digital marketing co says previously
announced results for the seven quarters (between quarter ended
March 31, 2017 and Sept. 30, 2018) and FY17 results should no
longer be relied upon  urn:newsml:reuters.com:*:nPn5Vtbx3a
    ** Says related press releases, earnings releases, and
investor communications describing co's financial statements for
these periods should also not be relied upon
    ** Co says it has not yet fully completed its review;
provides preliminary estimates regarding impact of these errors
on different metrics including higher net loss per share in Q4
2017, higher liabilities in Q3, Q4 of 2018
    ** Says it expects to file amended quarterly reports on Form
10-Q for the affected periods to amend and restate its financial
condition and financial results 
    ** Stock set to cut gains of about 121% YTD

 (Reporting by Medha Singh in Bengaluru)
 ((medha.singh@thomsonreuters.com))