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Lawsuit filed for Investors in shares of Sequential Brands Group, Inc. (NASDAQ: SQBG)

03-22-2021 10:38 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Sequential Brands Group, Inc. (NASDAQ: SQBG) shares.

A lawsuit was filed on behalf of investors in Sequential Brands Group, Inc. (NASDAQ: SQBG) shares.

An investor, who purchased shares of Sequential Brands Group, Inc. (NASDAQ: SQBG), filed a lawsuit over alleged violations of Federal Securities Laws by Sequential Brands Group, Inc.

Investors who purchased shares of Sequential Brands Group, Inc. (NASDAQ: SQBG) have certain options and for certain investors are short and strict deadlines running. Deadline: May 17, 2021. NASDAQ: SQBG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Sequential Brands Group, Inc., together with its subsidiaries, owns various consumer brands in the active and lifestyle categories. On December 11, 2020, the U.S. Securities and Exchange Commission ("SEC") issued a press release entitled "SEC Charges Sequential Brands Group Inc. with Deceiving Investors by Failing to Timely Impair Goodwill." According to the SEC's press release, "by avoiding an impairment to its goodwill in 2016, Sequential inflated its income from operations, created a false impression of its financial condition, and misstated its financial statements and reports for almost a year." Shares of Sequential Brands Group, Inc. (NASDAQ: SQBG) closed on December 11, 2020, at $16.20 per share.

The plaintiff claims that between November 3, 2016 and December 11, 2020, the defendants made false and/or misleading statements and/or failed to disclose that in late 2016, the Company knew or should have known that its goodwill was likely impaired, that the Company avoided and delayed the material write down to goodwill in late 2016 through 2017, that the Company understated its operating expenses and net loss and also materially overstated its income from operations, goodwill, and assets from late 2016 through 2017, that the Company’s internal controls were deficient, that the Company has failed to restate, correct, or disclose relevant improprieties, deceptive conduct, misstatements, omissions, and control violations, that as a result of the foregoing, the Company was at greater risk of regulatory scrutiny and enforcement, and that as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Sequential Brands Group, Inc. (NASDAQ: SQBG) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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