NEW YORK, NY / ACCESSWIRE / April 10, 2024/ Pomerantz LLP is investigating claims on behalf of investors of PSQ Holdings, Inc. ("PSQ" or the "Company") (NYSE:PSQH). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether PSQ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On March 14, 2024, PSQ disclosed in a filing with the Securities and Exchange Commission ("SEC") that "management identified a classification error, between financing activities and operating activities in the Company's Unaudited Condensed Consolidated Statements of Cash Flows included in the Quarterly Report on Form 10-Q as of and for the three and nine months ended September 30, 2023 and 2022, which the Company filed with the SEC on November 14, 2023 (the ‘Third Quarter Form 10-Q'). The Company previously classified cash outflows associated with transaction costs incurred in connection with the Business Combination as a financing activity. Based on the predominance principle in ASC 240, Statement of Cash Flows, the Company determined that these cash outflows should be classified within operating activities in the Unaudited Condensed Consolidated Statements of Cash Flows." Accordingly, PSQ determined that the financial statements at issue, "as well as any reports, related earnings releases, investor presentations or similar communications of the [financial statements], should no longer be relied upon."
On this news, PSQ's stock price fell $0.18 per share, or 3.72%, to close at $4.66 per share on March 14, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
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