NEW YORK, NY / ACCESSWIRE / August 18, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of The Lovesac Company ("Lovesac" or "the Company") (NASDAQ:LOVE). Investors who purchased Discover securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/love.
The investigation concerns whether Lovesac has violated federal securities laws.
Investigation Details:
On August 16, 2023, Lovesac 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 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.
On this news, Lovesac shares fell during trading on August 17, 2023.
What's Next?
If you are aware of any facts relating to this investigation or purchasedLovesac securities, you can assist this investigation by visiting the firm's site: www.bgandg.com/love. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
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Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC