An error by Chicago-based printing giant RR Donnelley on behalf of its client Google, sent the tech giant’s stock price down nine percent today.
Google blames RR Donnelley for filing a draft version of its third-quarter financial results to the Securities and Exchange Commission (SEC). The error caused Google to temporarily halt the trading of its shares on the NASDAQ.
Google shares fell US$68.19 per share before trading was halted, representing US$19 billion in value, after the draft report showed the company had missed expectations by a wide margin. The error also caused RR Donnelley’s stock to fall six percent, but soon recovered. The company files reports to the SEC on behalf of many customers as part of its Regulatory Compliance services.
The draft document, dated today, clearly shows placeholder material awaiting a comment from company CEO Larry Page. Representatives from both companies say the cause for the error is being investigated.
RR Donnelley, founded in 1864, reported over US$10.6 billion in sales for 2011 and employs over 58,000 employees worldwide. Around the world, it operates over 100 web presses, over 135 sheetfed presses and over 40 digital presses.
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