The Lovesac Company (LOVE)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of The Lovesac Company (“Lovesac” or “the Company”) (NASDAQ: LOVE). Investors who purchased Discover securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Lovesac has violated federal securities laws.
On August 16, 2023, Lovesac 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 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.
On this news, Lovesac shares fell during trading on August 17, 2023.
If you are aware of any facts relating to this investigation or purchased Lovesac securities, you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]