Why Dada Nexus Plunged and Took JD.com With It

Shares of Dada Nexus (DADA -6.95%) were taking a dive this week after the Chinese grocer and online delivery platform said in an SEC filing that an audit revealed certain suspicious practices that "may cast doubt" on revenues from the company's online advertising and marketing services.It also said that its revenue from online advertising and marketing services was overstated by roughly $70 million in the first three quarters of 2023, and that its revenue guidance for the fourth quarter was no longer valid. ...