Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises The Lovesac Company (“Lovesac”) (NASDAQ: LOVE) investors that the firm has initiated an investigation into whether Lovesac issued false and misleading statements to investors.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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