BUZZ-Compass Diversified hits record low as subsidiary probe sparks financial restatement

Reuters

May 08, 2025

** Shares of business portfolio investor Compass Diversified CODI.N fall 63% to record low of $6.35

** Stock set for its worst day on record, if losses hold

** Co late on Wednesday said it is investigating its subsidiary, Lugano Holding, due to concerns about financing and accounting practices

** CODI says its 2024 financial statements should no longer be relied upon and will be restated

** Moti Ferder, founder and CEO of Lugano, has resigned and will not receive severance pay - CODI

** CODI said it will delay filing of its Q1 2025 financial results while investigation continues

** Brokerage Roth Capital Partners has placed CODI's rating "under review" due to probe, citing "wide range of potential outcomes"

** CODI owns about 60% of Lugano Holding

** Including session move, stock down 71% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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