In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.3% to 7,317.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down 7.5% to $82.90. Investors have been selling this buy now pay later (BNPL) provider's shares after US authorities launched an investigation into the BNPL sector. The US Consumer Financial Protection Bureau is looking to see if BNPL players need to be better regulated and if US consumers are adequately protected.
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is falling 5.5% to $21.03. This follows the completion of a $75 million institutional placement. These funds were raised at a 5.8% discount of $21.00 per new share. Combined with an upcoming $25 million share purchase plan, the proceeds will support the acquisition of the Australia and New Zealand corporate and entertainment travel businesses of Helloworld Travel Limited (ASX: HLO).
Dubber Corp Ltd (ASX: DUB)
The Dubber share price has sunk 13% to $2.68. This appears to have been driven by weakness in the tech sector and a broker note out of UBS. According to the note, the broker has initiated coverage on the call recording technology company with a neutral rating. UBS wants to see a consistent trajectory of accelerating subscriber growth before turning more positive.
EML Payments Ltd (ASX: EML)
The EML share price is down 5.5% to $3.07. This morning the payments company confirmed that a class action has been commenced by Shine Lawyers. The proceedings are said to relate to whether EML failed to disclose information about correspondence received from the Central Bank of Ireland (CBI) in a timely manner.
