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What: Shares of LightInTheBox Holding Co., Ltd. (NYSE:LITB) were losing the light today, falling as much as 11% and finishing down 8% after it announced the surprise departure of its CFO this morning.
So what: The Chinese online retailer of wedding dresses and other formal attire said CFO Richard Xue will be leaving the company on Feb. 17 for personal reasons. The company has not yet chosen a replacement but said the board would begin conducting a search immediately. Its controller, Jennifer Hu, will serve as the interim CFO. A statement from CEO Alan Guo did not reveal any further information.
Now what: While the departure of a CFO isn't necessarily reason to run for the hills, Chinese stocks often come with their own shroud of mystery as several have been known to report fraudulent financial information. For now, I'd take this news at face value, but investors may want to keep an eye on the company over the next few weeks as it names a new CFO. To do so, just add LightInTheBox to your Watchlist here.
Fool contributor Jeremy Bowman and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.