Press release
Investigation announced for NASDAQ: PRPL shares over possible Violations of Securities Laws by Purple Innovation, Inc.
An investigation for investors in Purple Innovation, Inc. (NASDAQ: PRPL) shares over potential securities laws violations.
Investors who purchased shares of Purple Innovation, Inc. (NASDAQ: PRPL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by Purple Innovation, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Lehi, UT based Purple Innovation, Inc. designs and manufactures mattresses, pillows, and cushions. Purple Innovation, Inc. reported that its annual Total Revenue rose from $428.35 million in 2019 to $648.47 million in 2020, and that its Net Loss of $4.027 million in 2019 turned into a Net Income of $3.78 million in 2020.
On November 9, 2021, Purple Innovation, Inc announced disappointing third quarter earnings "largely driven by impacts from our manufacturing backlog that were longer-lasting than we anticipated. Our lack of inventory impacted sales through all of our channels which are deeply interconnected.”
Shares of Purple Innovation, Inc. (NASDAQ: PRPL) declined from $20.33 per share on November 3, 2021, to $13.26 per share on November 12, 2021.
Those who purchased shares of Purple Innovation, Inc. (NASDAQ: PRPL) 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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