Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 14, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises The Lovesac Company ("Lovesac" or the "Company") (NASDAQ: LOVE). investors that a lawsuit was filed on behalf of investors that purchased Lovesac securities between March 30, 2023 and August 16, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The lawsuit claims that during the Class Period, the Defendants did not inform investors that: (1) Lovesac failed to accurately account for expenses related to last mile shipping and freight; (2) as a result, Lovesac's financial reporting and disclosure controls were ineffective and flawed; (3) due to these issues, Lovesac reported higher gross profit, operating income, and net income, while underreporting its shipping, handling, and accrued freight expenses in its financial statements; (4) therefore, Lovesac was expected to revise its previously issued financial statements; and (5) consequently, the optimistic statements made by the Defendants regarding the Company's financial health, operations, and future prospects were significantly misleading and lacked a reasonable foundation at all crucial times.
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The Portnoy Law Firm represents investors in pursuing claims 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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