Press release
Lawsuit filed to recover losses for certain Investors who purchased shares of The Lovesac Company (NASDAQ: LOVE)
An investor, who purchased shares of The Lovesac Company (NASDAQ: LOVE), filed a lawsuit in the U.S. District Court for the District of Connecticut over alleged violations of Federal Securities Laws by The Lovesac Company in connection with certain allegedly false and misleading statements made between March 30, 2023 and August 16, 2023.
If you purchased a significant amount of shares of The Lovesac Company (NASDAQ: LOVE) between March 30, 2023 and August 16, 2023, and / or if you purchased any NASDAQ: LOVE shares prior to March 2023 and continue to hold any of those shares, you 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:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.
If you purchased a significant amount of shares of The Lovesac Company (NASDAQ: LOVE) between March 30, 2023 and August 16, 2023, and / or if you purchased any NASDAQ: LOVE shares prior to March 2023 and continue to hold any of those shares, you 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:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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.
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