Question: You invested 20 000 in the stock of HiFly Inc two
You invested $20,000 in the stock of HiFly Inc two years ago. Since then the stock has done very well more than doubling in value. You tried analyze HiFly’s financial statements twice in the last two years, but were confused by several of the detailed notes to those statements. You haven’t worried about it though, because the statements show a steady growth in revenue and earnings along with an unqualified opinion by the firm’s auditors that they were prepared using generally accepted accounting principles (GAAP). While checking your investments online this morning you were shocked to see that HiFly’s stock price had declined by 30% since you last checked it a week ago. What may have happened?
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