Philadelphia, Pennsylvania--(Newsfile Corp. - June 27, 2024) - Grabar Law Office is investigating whether officers and directors of The Lovesac Company (NASDAQ: LOVE) breached their fiduciary duties owed to the company.
If you are a shareholder who has held Lovesac shares since prior to June 8, 2022, and would like to learn more about the investigation and your rights, please visit https://grabarlaw.com/the-latest/Lovesac-Shareholder-Investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or call 267-507-6085.
WHY: A recently filed federal securities class action Complaint alleges that The Lovesac Company (NASDAQ: LOVE), via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (i) Lovesac did not properly account for last mile shipping and freight expenses; (ii) accordingly, Lovesac's disclosure controls and procedures and internal control over financial reporting were ineffective and deficient; (iii) 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; (iv) accordingly, Lovesac was likely to restate one or more of its previously issued financial statements; and (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
A notice of settlement in the underlying securities class action was filed on June 18, 2024, and on June 20, 2024, the District Court entered an Order staying the case pending submission of consideration of the parties' proposed settlement.
WHAT YOU CAN DO NOW: Current Lovesac shareholders who have held Lovesac shares since on or before June 8, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/Lovesac-Shareholder-Investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or call 267-507-6085.
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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214790
