There is a gamestop. The images are from SOPA.
The images are from SOPA.
The video-game retailer said it received a subpoena from the SEC and posted an earnings miss for the third quarter.
The company's shares were trading at $162.86, down 6.2%. Thursday.
The company said in a regulatory filing that the SEC subpoenaed additional documents related to the investigation of trading activity of the company.
We are in the process of producing the documents and will continue to cooperate with the SEC Staff. The company said in its filing that the inquiry is not expected to have an impact on it. Insider requested further comment from GameStop, but they did not reply.
The company reported a loss per share in the third quarter. The miss was compared to the loss-per-share that was predicted.
"Our focus on the long term means we will continuously prioritize growth and market leadership over short-term margins," said Matt Furlong during the earnings call. After working at Amazon, Furlong joined GameStop as the CEO.
Despite a net earnings loss, the company posted sales of over $1 billion.
The stock fell as much as 7.7%. Despite the slump, GameStop has jumped 851% so far this year, thanks to the army of retail traders on social media sites who have backed the company and turned it into a meme stock.
Business Insider has an original article.
