In a recent move by Trump Media & Technology Group Corp. (NASDAQ: DJT), the company has replaced its independent registered public accounting firm. Effective last Wednesday, BF Borgers CPA PC was dismissed and the following day, Semple, Marchal & Cooper, LLP (SMC) was appointed as the new auditor. This change was recommended and approved by the company's Audit Committee.
The audit reports for the fiscal years ending December 31, 2023, and December 31, 2022, prepared by BF Borgers, did not include any adverse opinions or disclaimers and were not marked by issues regarding audit scope or accounting principles.
Throughout the fiscal years in question and the subsequent interim period up until the date of the report, the company has stated there were no disagreements with BF Borgers on matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have necessitated a mention of such disagreements in the firm’s audit reports.
Additionally, there have been no reportable events as defined under Regulation S-K during the same time frame.
The transition to a new accounting firm comes after the U.S. Securities and Exchange Commission (SEC) has informed that BF Borgers is not currently permitted to appear or practice before the SEC. This restriction is due to reasons outlined in the SEC’s Order Instituting Public Administrative and Cease-and-Desist Proceedings, dated May 3, 2024.
This filing with the SEC confirms the change in Trump Media & Technology Group's accounting oversight and is based on a press release statement.
InvestingPro Insights
The recent auditor change by Trump Media & Technology Group Corp. (NASDAQ: DJT) aligns with a period of mixed financial performance for the company, as reflected by the latest data from InvestingPro. Over the past week, the company has seen a positive price total return of 1.64%, indicating a short-term uptick in investor confidence. However, when we expand the timeframe to a month, the 1 Month Price Total Return shows a decline of -2.87%, with a further dip over a three-month period at -3.41%. These fluctuations underscore the volatile nature of the stock in the near term.
Despite the recent downturns, the longer-term perspective offers a silver lining. Over the last six months, the company's stock has delivered a robust 6.62% return. This is further supported by an even more impressive 1 Year Price Total Return of 9.49%, suggesting that investors maintaining a longer horizon have reaped benefits despite short-term volatility.
An InvestingPro Tip to consider is the importance of monitoring average daily trading volumes as an indicator of liquidity and investor interest. Trump Media & Technology Group's average daily volume over the last three months stands at 106.11 million, which can provide insights into the stock's trading dynamics.
For readers looking to delve deeper into the financial health and future prospects of Trump Media & Technology Group, InvestingPro offers additional insights and tips. There are currently 6 more InvestingPro Tips available, which could be instrumental in making informed investment decisions. To access these tips and a wealth of other financial data, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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