Zalando is down 17% this morning after guiding full-year growth to the lower half of its 12-17% range. Our forensic report had shown a sharp increase in risk rating (from '5' to '8') following the publication of the FY annual report and Q1 release. In addition to a decline in earnings quality, the report highlighted a number of issues related to revenue recognition. In particular changes to the accounting policies section that may have led to inflated revenue and EBIT growth reported in previous quarters. Changes to the risk factors section in the FY annual report also hinted at a more competitive environment than management's narrative suggested. $ZAL