Trump Media & Technology Group Corp ( DJT ). shares are trading lower on Tuesday.

Yesterday, the company announced the appointment of Semple, Marchal & Cooper, LLP as its independent registered public accounting firm, effective May 4, 2024.

The development comes after the U.S. Securities and Exchange Commission recently charged the company’s previous audit firm with “massive fraud.”

The regulatory body charged audit firm BF Borgers CPA PC and its owner, Benjamin F. Borgers, with deliberate and systemic failures to comply with Public Company Accounting Oversight Board (PCAOB) standards.

Also Read: Trump Media Auditor BF Borgers Charged For ‘Massive Fraud’ By SEC: What’s Going On?

The shocking turn occurred when Trump Media ( DJT ) CEO Devin Nunes was in the headlines for accusing certain brokerage firms of potential stock manipulation and anomalous trading.

To address the issue, Nunes wrote a letter to the U.S. House of Representatives, addressing each of the chairmen of the U.S. House of Representatives Committee on the Judiciary, Committee on Financial Services, Committee on Ways and Means, and Committee on Oversight and Reform. 

The appointment of Semple, Marchal & Cooper was made after a ‘detailed evaluation process’ and has been approved by the company’s Audit Committee. 

Price Action: DJT shares are trading lower by 1.79% to $48.30 at last check Tuesday.