Their new bean counters revealed $108 million in restatements for 2017 through 2019.
In other words, the past three years were financial fiction.
Among the changes: huge write downs of sticks and goodwill and they overpaid for a live events company and got burned.
Investor lawsuits are being pursued already – only one day after the restatement.
But Townsquare stock rebounded in trading yesterday while the Dow was down and it has been well up from a couple of weeks ago.
For the first time, the industry gets a real honest look at Townsquare and its future.
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