On this news, Avaya's stock price fell $1.19 per share, or 56.99%, to close at $0.90 per share on July 29, 2022. Then, on August 9, 2022, Avaya announced that: (1) it determined there was substantial doubt about its ability to continue as a going concern; (2) it would not timely file its financial statements for the quarter ended June 30, 2022; (3) its Audit Committee commenced internal investigations into circumstances surrounding the Company's financial results for the quarter; and (4) the Audit Committee also commenced an investigation into matters raised by a whistleblower. On this news, Avaya's stock price fell $0.51 per share, or 45.54%, to close at $0.61 per share on August 9, 2022.