Empire State Realty Trust Inc (ESRT) has disclosed a new risk, in the Accounting & Financial Operations category.
Empire State Realty Trust Inc. faces a heightened business risk due to a material weakness in its internal control over financial reporting, specifically concerning IT general controls. This deficiency, disclosed under Section 404 of the Sarbanes-Oxley Act, pertains to periods ending December 31, 2023, and 2022, and raises concerns about the accuracy and timeliness of its financial statements. Despite remediation efforts, the company’s failure to address these issues could lead to litigation, erode investor confidence, and negatively impact its stock price.
The average ESRT stock price target is $11.00, implying 0.64% upside potential.
To learn more about Empire State Realty Trust Inc’s risk factors, click here.
