Investigation announced for Investors who lost money with shares of the Lovesac Company (NASDAQ: LOVE)

An investigation was announced over potential securities laws violations by The Lovesac Company s in connection with certain financial statements.

Investors who purchased shares of The Lovesac Company (NASDAQ: LOVE), 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 The Lovesac Company regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Stamford, CT based The Lovesac Company designs, manufactures, and sells furniture. The Lovesac Company reported that its Total Revenue rose from $498.23 million for 12 months period that ended on January 31, 2022, to $651.54 million for the 12 months period that ended on January 31, 2023, and that its Net Income declined over those respective time periods from $45.9 million to $28.24 million.

On August 16, 2023, The Lovesac Company 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 Lovesac 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.

Shares of The Lovesac Company (NASDAQ: LOVE) declined from $29.75 per share on July 20, 2023, to $20.30 per share on August 17, 2023.

Those who purchased shares of The Lovesac Company (NASDAQ: LOVE) 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.