San Diego, CA -- (SBWIRE) -- 09/18/2023 -- Certain directors of Bowlero Corp. are under investigation on over potential breaches of fiduciary duties.

Investors who purchased shares of Bowlero Corp. (NYSE: BOWL) 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 concerns whether certain Bowlero Corp. directors breached their fiduciary duties and caused damage to the company and its shareholders.

Mechanicsville, VA based Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. Bowlero Corp. reported that its Total Revenue rose from $395.23 million for the 12 months period that ended on June 30, 2021, to $911.7 million for the 12 months period that ended on June 30, 2022, and that its Net Loss over those respective time periods declined from $126.45 million to $29.93 million.

On May 17, 2023, Bowlero Corp., announced Q3 2023 financial results. As part of those results, Bowlero disclosed that its disclosure controls and procedures were not effective because of a material weakness related to certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures. Bowlero Corp. also noted, "Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger."

Shares of Bowlero Corp. (NYSE: BOWL) declined to $11.01 per share on May 18, 2023.

Those who purchased shares of Bowlero Corp. (NYSE: BOWL) 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.