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Shares of Newsmax (NMAX -6.89%) have plummeted 46% amid chaotic market conditions and a significant setback in its defamation case with Dominion Voting Systems. A ruling from Judge Eric M. Davis confirmed that Newsmax made false statements about Dominion, leading to potential financial penalties, as the case moves to a jury trial. Despite this legal challenge, Newsmax’s stock was already overvalued, trading at approximately 19 times sales, while the company reported a $72 million loss on $171 million in sales last year.
