SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Party City Holdco - PRTYQ
NEW YORK, Aug. 10, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Party City Holdco ("Party City" or the "Company") (OTCMKTS: PRTYQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Party City and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 17, 2023, Party City abruptly filed for bankruptcy, with the Company's bankruptcy filings citing its ongoing liquidity shortfall, its need for additional loans beyond the credit lines available to it, and its inability to locate lenders willing to provide additional loans—issues previously undisclosed to investors.
On this news, Party City's stock price fell $0.253 per share, or 67.72%, over the following two trading sessions, closing at $0.121 per share on January 19, 2023.
Then, on June 9, 2023, Party City revealed in a filing with the U.S. Securities and Exchange Commission that Ernst & Young LPP had resigned as its auditor due to a disagreement over the Company's decision not to include a "going concern" warning in its quarterly report for the third quarter of 2022, which would have alerted investors that there was substantial doubt about the Company's ability to continue as a going concern for the next twelve months.
On this news, Party City's stock price fell $0.01 per share, or 21.52%, over the following three trading sessions, to close at $0.036 per share on June 14, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
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