San Diego, CA -- (SBWire) -- 08/29/2023 --The Lovesac Company is under investigation over potential securities laws violations by The Lovesac Company and certain of its directors and officers in connection with certain financial statements was announced.
Investors who purchased shares of The Lovesac Company (NASDAQ: LOVE), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of The Lovesac Company (NASDAQ: LOVE) concerning whether certain statements by The Lovesac Company regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Stamford, CT based The Lovesac Company designs, manufactures, and sells furniture. On August 16, 2023, The Lovesac Company disclosed that it identified "certain errors with the methodology used by the Company to calculate the accrual of its last mile freight expenses applicable to the Company's financial statements for the fiscal year ended January 29, 2023 and the thirteen weeks ended April 30, 2023." The Lovesac Company further disclosed that "as a result of the identified errors related to last mile freight expenses, the Company believes that previously reported operating income and net income were overstated by approximately $1.5 million to $2.5 million and $1.0 million to $2.0 million, respectively, for fiscal year 2023." As a result, Lovesac disclosed that it needed to restate certain previously-issued financial statements.
Shares of The Lovesac Company (NASDAQ: LOVE) declined from $29.75 per share on July 20, 2023, to $20.30 per share on August 17, 2023.
Those who purchased shares of The Lovesac Company (NASDAQ: LOVE) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:LOVE Investor Notice: Investigation over Possible Securities Laws Violations by the Lovesac Company
An investigation for investors in The Lovesac Company (NASDAQ:LOVE) shares over potential securities laws violations by The Lovesac Company was announced.