Irvine-based Veritone said today the company’s previously issued unaudited condensed consolidated financial statements for the third quarter and first nine months of last year should no longer be relied upon due to several errors.
They included an error in the valuation of consideration received associated with an on-premise software sold and delivered to a customer in the quarter ended Sept. 30, in exchange for a non-monetary asset.
The error resulted in an approximate $2.2 million overstatement of revenue, Veritone told the SEC (Nasdaq: VERI).
Shares in Veritone closed up 13% at $2.28 apiece after an intraday market cap of $209 million.
