Investigation for Investors in Greenrose Holding Company Inc. (OTC: GNRS) shares announced over potential Wrongdoing

An investigation on behalf of current long-term investors in shares of Greenrose Holding Company Inc. (OTC: GNRS) was announced over potential breaches of fiduciary duties by certain officers and directors at Greenrose Holding Company Inc.

Investors who purchased shares of Greenrose Holding Company Inc. (OTC: GNRS) 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 concerns whether certain Greenrose Holding Company directors breached their fiduciary duties and caused damage to the company and its shareholders.

On November 24, 2021, post-market, Greenrose Holding Company Inc. disclosed in a U.S. Securities and Exchange Commission filing that "[i]n connection with the preparation of its financial statements as of September 30, 2021, [Greenrose's management] has re-evaluated the Company's application of ASC 480-10-S99 to its accounting classification of the redeemable shares of common stock, par value $0.0001 per share (the ‘Public Shares'), issued as part of the units sold in the Company's initial public offering (the ‘IPO') on February 13, 2020.

Historically, a portion of the Public Shares was classified as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001.
Pursuant to such re-evaluation, the Company's management has determined that the Public Shares include certain provisions that require classification of the Public Shares as temporary equity regardless of the minimum net tangible assets required to complete the Company's initial business combination." Accordingly, Greenrose advised that certain of the Company's financial statements would need to be restated and should no longer be relied upon, and that "[t]he Company's management has concluded that in light of the classification error described above, a material weakness exists in the Company's internal control over financial reporting and that the Company's disclosure controls and procedures were not effective[.]"

Those who purchased shares of Greenrose Holding Company Inc. (OTC: GNRS) 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.

This release was published on openPR.