Zip Shares Tumble After Fraud Incident
Australia buy now pay later firm Zip Co saw its shares drop sharply after an external fraud incident in the US weighed on customer growth and transaction volumes. The breach resulted in millions in operating expenses and higher net bad debts for the quarter.
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ZIP CO LTD shares tumbled 50% on Friday morning after an external fraud incident in the United States weighed on fiscal first-quarter customer growth. The selloff erased A$1.30 billion ($912.08 million) in market value during early trade in Australia before the stock pared some losses. The drop marks the buy now, pay later firm's worst intraday session in more than two years.
