Avaya Holdings Corp.

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On August 9, 2022, The Wall Street Journal published an article highlighting issues at Avaya Holdings, including how the company had cut its earnings forecast by more than 60% just weeks after borrowing $600 million from institutional investors through deals arranged by Goldman Sachs and JP Morgan Chase.

Avaya provided no explanation for the dramatic earnings miss, indicated it would also miss revenue targets and was removing its CEO. The Company’s audit committee opened an internal investigation regarding the most recent quarter and is also investigating a whistleblower letter.

Shares of Avaya Holdings Corp. fell 46% in intraday trading on Tuesday, August 9, 2022.

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