At IBM spinoff Kyndryl, the stock dives 50% after an accounting probe and CFO exit: ‘The red flags are already out’

Good morning. Kyndryl Holdings is the latest Fortune 500 company to face an accounting and internal control review, prompting a delay in its filings.

The tech company, formerly IBM’s managed IT services business, disclosed on Monday that its audit committee is reviewing the company’s accounting following voluntary document requests from the U.S. Securities and Exchange Commission’s (SEC) Division of Enforcement.

According to a Monday SEC filing, the company’s audit committee is examining its cash management practices...