Codere Online is facing mounting challenges as it grapples with a potential investor class action, securities fraud allegations, and the looming threat of Nasdaq delisting.
The recent troubles started when the company disclosed on 27 December that its auditor Marcum LLP had resigned.
Marcum cited an inability to complete essential audit procedures due to “IT general control deficiencies” in the company’s third-party platforms and “insufficient internal controls” to address these weaknesses.
The firm formally notified Codere’s Audit Committee of its resignation on 20 December, emphasising that the deficiencies prevented it from gathering sufficient evidence to ensure the completeness of the company’s financial information.
