2023-05-11 12:54:33 ET
Bowlero Corp. ( NYSE: BOWL ) fell on Thursday after reports indicated the bowling chain operator is the subject of a federal investigation into age discrimination and faces a potential enforcement action from the U.S. Equal Employment Opportunity Commission.
CNBC reported that negotiations between Bowlero ( BOWL ) and the EEOC have been going on since January and included a proposed settlement figure of $60M. The original complaints from employees, who said they were fired because of their age or out of retaliation, date back to 2016. The company disclosed in a prior filing with the SEC that EEOC’s investigation resulted in a determination of reasonable cause that Bowlero ( BOWL ) has been engaging in a pattern or practice of age discrimination since at least 2013. That claim has been denied by the company.
Bowlero ( BOWL ) has been one the SPAC success stories over the last year with shares up 61%. The company is due to report earnings on May 17. Shares were down 5.05% at 12:55 p.m. on Thursday.
More on Bowlero:
- Articles about Bowlero from Seeking Alpha analysts
- Bowlero growth metrics
- Financial and valuation comparisons to sector peers
- Seeking Alpha's Quant Rating on Bowlero
For further details see:
Bowlero drops 5% with federal investigation into age discrimination ongoing