I've just recently starting following this company and haven't made it through all the 10Ks and was wondering if anyone here is familiar with what happened to the company in 2004 when the stock price went from over 100 to sub-40.
2004 was when KAR (then known as Adesa Impact) was spun off. Took almost 2/3rds value with it. Made ALE a $5ish stock. ALE then did a reverse split of 1-to-10. Nothing happened to ALE otherwise to cause value to drop.