Why CS Disco Stock Is Plummeting This Week
CS Disco (NYSE: LAW) stock is falling this week following news of a major leadership transition at the company. The legal software and services company's share price was down 25.8% from last week's market close heading into this Friday's daily trading session, according to data from S&P Global Market Intelligence.
Before the market opened on Monday, CS Disco published a press release announcing that company co-founder Kiwi Camara had stepped down from the CEO role and his position on the board of directors. Board member Scott Hill will serve as interim CEO as the company looks for a more permanent replacement. The news caught investors by surprise and triggered substantial sell-offs for the stock.
It's not surprising that investors were worried about Camara's sudden departure from CS Disco. In most cases, CEOs will announce that they are planning to exit the company at a later date -- and a successor will be announced in advance of the transition taking place.
Source Fool.com
