William Blair downgraded its rating on Endava (DAVA) from Market Perform to Underperform amid the CFO's departure and an accounting investigation.
Endava was reported on Monday to have had its rating cut from Market Perform to Underperform due to uncertainty surrounding the accounting investigation and the CFO transition. The change was reportedly announced by the analyst at William Blair responsible for the rating.
The background includes progress on the company's financial audit and the search for a successor to the CFO, which were cited as factors likely to affect the market outlook. The downgrade is seen as potentially prompting a reassessment of the company's standing in the market, and investors will be watching for future official announcements and updates to its financial reporting.