NEW YORK, NY / ACCESSWIRE / November 24, 2024 / Pomerantz LLP is investigating claims on behalf of investors of e.l.f. Beauty, Inc. ("e.l.f. Beauty" or the "Company") (NYSE:ELF). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether e.l.f. Beauty and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 20, 2024, Muddy Waters Research ("Muddy Waters") published a report alleging that e.l.f. Beauty had "materially overstated revenue over the past three quarters," and that in "Q2 FY24, ELF management realized its growth narrative was in trouble as its inventory built. It appears that ELF then began reporting inflated revenue and profits. Its reported inventory also appears materially inflated as a result - i.e., to account for cash that has not really come in."
Following publication of the Muddy Waters report, e.l.f. Beauty's stock price fell $2.71 per share, or 2.23%, to close at $119.00 per share on November 20, 2024.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, London, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
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SOURCE: Pomerantz LLP