Shares of Credit Suisse (NYSE:CS) are lower today after the company announced that it will be delaying the release of its annual report. This is attributable to a call from the SEC regarding revisions to the firm’s cash flow statements for the 2019 and 2020 fiscal years.
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The scandal-ridden lender is attempting to turn itself around after a string of poor quarterly results that have led the share price to trade around the lowest levels in decades. Although management has confirmed that the SEC call will not impact its 2022 results, this news does highlight that there is still plenty of work to be done at Credit Suisse.
As a result of the long list of setbacks, it appears that hedge funds have lost a significant amount of confidence in CS stock. Indeed, sentiment is currently very negative among institutional investors, as they decreased their holdings by 23.9 million shares in the previous quarter.
