By Sabela Ojea
Zeta Global said its internal financial controls are affective as it disclosed the findings of an external review into its operations to respond to a report that led to a big stock plunge last week.
The cloud-based marketing technology company on Wednesday said that the forensic review was conducted in 2022 and 2023 following a federal investigation into Kubient, a company Zeta did business with before going public in 2021.
"The review supported Zeta's conclusion that its financial statements are accurate and fairly presented Zeta's financial condition and operating results in all material respects," the company said.
Last September, Kubient's former chief executive Paul Roberts was charged with securities fraud in relation to an alleged accounting fraud scheme.
The company's latest update around the integrity of its operations comes a week after investment research firm Culper Research published a report called: "Zeta Global Holdings Corp $(ZETA)$: Shams, Scams, and Spam."
Zeta Global Chief Executive said he has asked the company's counsel to review all appropriate legal remedies it may take against the publisher of "this bogus 'report.'"
In the report, Culper questioned Zeta Global's data collection and reported financials, sending the stock down 37% at the close of last Wednesday's trading session.
A few days after that, Zeta Global disclosed that top company executives were acquiring shares to demonstrate their confidence on the prospects of the business.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 20, 2024 15:58 ET (20:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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