Overview
- Publicis confirmed an experienced independent auditor concluded The Trade Desk did not pass its review and said it will no longer recommend the platform to clients.
- The audit alleged improper fee application, unauthorized auto-enrollment into paid features, and insufficient proof that media costs were passed through without hidden markups.
- The Trade Desk rejected the characterization that it failed an audit, saying some requested data could not be shared due to customer and partner confidentiality agreements.
- Shares have fallen sharply, including a two-day drop of roughly 13%, leaving the stock down about one-third year-to-date as brokers such as Rosenblatt and Stifel downgraded the name and cut price targets.
- Reports identified FirmDecisions as the auditor, and investors now focus on potential client impacts and the May 7 earnings report for updates on exposure and any remediation steps.