10 Firms Suffer Steep Downfall on Monday

Ten companies kicked off Monday’s trading in a bloodbath, mirroring the broader market pessimism, with valuations slashed by double digits mostly due to investor caution brought about by key economic uncertainties.

Wall Street’s main indices all fell in the red, with the tech-heavy Nasdaq recording the steepest downfall with 4 percent.

The S&P 500 declined by 2.7 percent, while the Dow Jones dropped by 2.08 percent.

In this article, we have identified the 10 worst-performing companies on Monday and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with $2 billion in market capitalization and $5 million in trading volume.

Source:Pexels

10. SoundHound AI Inc. (NASDAQ:SOUN)

SoundHound AI fell by 12.01 percent on Monday to close at $8.57 apiece as investors sold off positions following news that it was being investigated by several shareholder law firms for allegations that it materially misled business information to the investing public.

On March 4, SOUN told the Securities and Exchange Commission that it was unable to file its annual report for last year on time due to the complexity of accounting for its prior acquisitions of Synq3 and Amelia Holdings.

The notification furthered that SOUN “has identified material weaknesses in its internal control over financial reporting. These material weaknesses continue to exist as of December 31, 2024.”

SOUN said it expects to officially file its annual report by March 18, 2025.