Press release
Investigation announced for Investors who lost money with shares of Soho House & Co Inc. (NYSE: SHCO)
An investigation for investors in Soho House & Co Inc. (NYSE: SHCO) shares over potential securities laws violations.
Investors who purchased shares of Soho House & Co Inc. (NYSE: SHCO), 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 Soho House & Co Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
New York based Soho House & Co Inc. operates a global membership platform of physical and digital spaces that connects a group of members. Soho House & Co Inc. reported that its annual Total Revenue rose from $560.55 million in 2021 to $972.21 million in 2022, and that its Net Loss declined from $265.39 million in 2022 to 220.58 million in 2023.
On or around July 15, 2021, Soho House & Co Inc., then known as Membership Collective Group Inc., conducted its initial public offering ("IPO"), selling 30 million shares priced at $14.00 per share.
On February 7, 2024, GlassHouse Research ("GlassHouse") published a short report on Soho House & Co Inc., which it described as "a company with a broken business model and terrible accounting." Among other allegations, GlassHouse:
(1) asserted that Soho House "went public to dump on retail investors, all while its debt surged to insurmountable levels";
(2) highlighted the Company's "persistent lack of profitability"; and
(3) expressed "suspicions surrounding the company's accounting practices and critical comments made by both the SEC and its auditors regarding the company's financials."
On this news, Soho House's stock price fell $1.18 per share, or 19.09%, to close at $5.00 per share on February 7, 2024.
Shares of Soho House & Co Inc. (NYSE: SHCO) declined on February 07, 2024, to $4.35 per share.
Those who purchased shares of Soho House & Co Inc. (NYSE: SHCO) 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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