WALD - Waldencast's (WALD) Latest Admitted Improper Accounting Prompts Investigation Into Possible Securities Law Violations - Hagens Berman | Benzinga

SAN FRANCISCO, March 25, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Waldencast plc (NASDAQ:WALD) investors who suffered substantial losses to submit your losses now.

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Waldencast plc (NASDAQ:WALD) Investigation:

On Mar. 22, 2024, shares in Waldencast fell 11%, after the global beauty and wellness company revealed further accounting adjustments to prior financial statements for its beleaguered Obagi Skincare business.

Waldencast acquired Obagi in July 2022 as part of a $1.2 billion three-way business combination with Obagi and Milk Makeup, billing Obagi as an industry-leading, advanced skin care line positioned in the high-growth dermo-cosmetic category. But over the past year, a series of accounting missteps at Obagi have flagged the company.

Problems with Obagi's financial reporting were first revealed on May 2, 2023, when Waldencast announced it would not timely file its year end 2022 financial statements because of an ongoing review of accounting issues concerning Obagi's product sales for the Vietnam market.

Then, on July 5, 2023, Waldencast announced that it would need to restate its financial statements for all of 2021 and ...

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