An investor, who purchased shares of The Lovesac Company (NASDAQ: LOVE), filed a lawsuit over alleged violations of Federal Securities Laws by The Lovesac Company.

Investors who purchased shares of The Lovesac Company (NASDAQ: LOVE) have certain options and for certain investors are short and strict deadlines running. Deadline: February 20, 2024. NASDAQ: LOVE investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

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.

The plaintiff claims that between March 30, 2023 and August 16, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that Lovesac did not properly account for last mile shipping and freight expenses, that accordingly, Lovesac's disclosure controls and procedures and internal control over financial reporting were ineffective and deficient, that as a result of all the foregoing, Lovesac overstated its gross profit and operating and net income, as well as understated its shipping and handling costs and accrued freight and shipping expenses, in its previously issued financial statements, that accordingly, Lovesac was likely to restate one or more of its previously issued financial statements, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

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 Shareholders Foundation, Inc.
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.