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On August 4, 2020, OneSpan disclosed in a press release that, due to errors originated in prior periods, the Company would postpone its earnings conference call and the release of financial results for the second quarter of 2020.
Then, on August 11, 2020, OneSpan disclosed that it would not be able to timely file its quarterly report and that the Company had significantly overstated revenue in previous quarters.
Following these disclosures, OneSpan’s stock price plummeted.