ATLANTA, Dec. 27, 2023 (GLOBE NEWSWIRE) — Holzer & Holzer, LLC informs investors that a shareholder class action lawsuit has been filed against The Lovesac Company (“Lovesac” or the “Company”) (NASDAQ: LOVE). The lawsuit alleges that Defendants made materially false and misleading statements regarding the Lovesac’s business, operations, and compliance policies. Specifically, the lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) Lovesac did not properly account for last mile shipping and freight expenses; (2) accordingly, Lovesac’s disclosure controls and procedures and internal control over financial reporting were ineffective and deficient; (3) 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; (4) accordingly, Lovesac was likely to restate one or more of its previously issued financial statements; and (5) as a result, Lovesac’s public statements were materially false and misleading throughout the Class Period.
If you bought LOVE shares between March 30, 2023 and August 16, 2023 and suffered a significant loss on that investment, you are encouraged to discuss your legal rights by contacting Corey Holzer, Esq. at [email protected] or by toll-free telephone at (888) 508-6832 or you may visit the firm’s website at www.holzerlaw.com/case/lovesac/ to learn more.
The deadline to ask the court to be appointed lead plaintiff in the case is February 20, 2024.
Holzer & Holzer, LLC, an ISS top rated securities litigation law firm for 2021 and 2022, dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. Since its founding in 2000, Holzer & Holzer attorneys have played critical roles in recovering hundreds of millions of dollars for shareholders victimized by fraud and other corporate misconduct. More information about the firm is available through its website, www.holzerlaw.com, and upon request from the firm. Holzer & Holzer, LLC has paid for the dissemination of this promotional communication, and Corey Holzer is the attorney responsible for its content.
CONTACT:
Corey Holzer, Esq.
(888) 508-6832 (toll-free)
[email protected]
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