NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of The Lovesac Company ("Lovesac" or the "Company") (NASDAQ:LOVE). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Lovesac and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 15, 2023, Lovesac issued a press release announcing non-reliance on previously issued financial statements or a related audit report. The Company stated that "[i]n June 2023, the Audit Committee (the ‘Audit Committee') of the Board of Directors of The Lovesac Company . . . commenced an internal investigation related to the recording of last mile shipping expenses, resulting from the discovery of a recorded journal entry in the quarter ended April 30, 2023 to capitalize $2.2 million of shipping expenses that related to the fiscal year ended January 29, 2023. In addition to the aforementioned journal entry, the Company has identified through the investigation certain errors with the methodology used by ...