SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Soho House & Co Inc. f/k/a Membership Collective Group Inc. - SHCO
NEW YORK, March 11, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Soho House & Co Inc. f/k/a Membership Collective Group Inc. ("Soho House" or the "Company") (NYSE: SHCO). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Soho House and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around July 15, 2021, the Company, then known as Membership Collective Group Inc., conducted its initial public offering ("IPO"), selling 30 million shares priced at $14.00 per share.
On February 7, 2024, GlassHouse Research ("GlassHouse") published a short report on Soho House, which it described as "a company with a broken business model and terrible accounting". Among other allegations, GlassHouse asserted that Soho House "went public to dump on retail investors, all while its debt surged to insurmountable levels", highlighted the Company's "persistent lack of profitability," and expressed "suspicions surrounding the company's accounting practices and critical comments made by both the SEC and its auditors regarding the company's financials."
On this news, Soho House's stock price fell $1.18 per share, or 19.09%, to close at $5.00 per share on February 7, 2024.
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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