SAP SE, the German tech giant, is facing a price-fixing probe by the U.S. Department of Justice (DOJ). Dominik Asam, Member of the Executive Board and Chief Financial Officer, stated that while he is unaware of any criminal investigations, SAP is fully cooperating with the DOJ. The investigation, which focuses on potential price-fixing activities since 2014, has led to a significant drop in SAP's stock. The stock, which had closed at an all-time high the previous day, fell by almost $9 in pre-market trading and dipped 3% overall, including a 2.2% drop pre-market. Despite strong financials, including a price-to-earnings ratio of 33 and robust free cash flow, the market appears to have priced in the impact of the ongoing investigation.
German tech giant $SAP, with a P/E of 33 and a robust free cash flow, faces a DOJ probe into potential price-fixing since 2014. Despite strong financials, the stock dips only 3% as the market might have priced in this ongoing investigation. Rebel's Edge 🏴☠️ 1pm EST @MXLESQ… https://t.co/jequJkw331
Mobile World Live: SAP faces further woe as details of US probe emerge https://t.co/AmhErqoWwt
$SAP (-2.2% pre) Asam: I’m not aware of any criminal investigations into SAP at present, We’re cooperating with the DOJ. - CNBC https://t.co/8MIE35Z3Kn