Newegg stock price falls 17.7% after Chinese owner is detained by anti-corruption authorities — company insists it’s operating normally and ‘in accordance with the laws’

Newegg's stock price dropped by 17.7% after its Chinese owner, He Zhitao, was detained by anti-corruption authorities. The company reassured that it is operating normally and in compliance with laws despite He's detention being related to personal matters. Lianluo, the majority owner of Newegg, stated that all business activities are proceeding as usual. However, law firms are investigating the possibility of a class action lawsuit against Newegg for potential violations of federal securities laws following the stock price decline. Despite the setback, Newegg's stock has shown signs of recovery since the incident.