UpHealth Stock Price Drops on News of Incorrect Revenue Recognition
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of UpHealth, Inc. (“UpHealth” or the “Company”) (NYSE: UPH).
If you purchased, or otherwise acquired, UpHealth stock and lost money, please CLICK HERE to contact Kehoe Law Firm, P.C. and provide details about your UPH stock losses.
In a March 30, 2022 press release, UpHealth announced that “[o]n March 25, 2022, the Audit Committee of the Board of Directors of UpHealth, after considering the recommendations of management, concluded that the Company’s condensed consolidated financial statements included in the Company’s Quarterly Report on Form 10-Q for the three and nine month periods ended September 30, 2021 (the ‘Non-Reliance Periods’) as previously filed with the SEC should not be relied upon because of errors identified therein . . . .”
UpHealth also reported that “[t]he error that caused the Company to conclude that its financial statements and other financial information for the Non-Reliance Periods should not be relied upon was the result of an incorrect accounting conclusion regarding a contract with a customer, which resulted in the incorrect recognition of revenue during the Non-Reliance Period.”
On this news, UpHealth stock was down almost 30% during intraday trading on March 30, 2022.