MRGE was hit with so much bad news on Monday, it’s hard to know where to start. First off, the stock itself was down over 40%. Second, the company said that they will have to restate their financial reports from 2002 through 2005 after an investigation turned up improper accounting. Third, the company announced the resignations of their CEO, CFO and senior vice president of strategic business development. Volume was obviously heavy, with over 7 million shares changing hands, compared to a normal daily average of just under 700k. Obviously, MRGE shareholders are not very happy, and one can only hope that new management can turn this company around.
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