NEW YORK, March 16, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Tattooed Chef, Inc. ("Tattooed Chef" or the "Company") (NASDAQ: TTCF). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Tattooed Chef and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 12, 2021, Tattooed Chef issued a press release announcing its financial results for the second quarter of 2021. Among other results, the Company disclosed revenue of $50.7 million, missing consensus estimates by $3.35 million.
On this news, Tattooed Chef's stock price fell $3.30 per share, or 16.25%, to close at $17.01 per share on August 13, 2021.
Then, on March 11, 2022, Tattooed Chef issued a press release stating that on March 7, 2022, the Company's Board of Directors "concluded that the Company's unaudited interim condensed consolidated financial statements for the quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, each as previously filed with the Securities and Exchange Commission ('SEC'), should no longer be relied upon because the Company did not properly record the tax effects associated with the Company's issuance of 825,000 shares of its common stock to Harrison Co. in June 2021 as partial consideration for services rendered in connection with the Company's de-SPAC transaction that occurred in October 2020." Accordingly, Tattooed Chef advised that "[t]he Company will restate the unaudited consolidated financial statements" at issue.
On this news, Tattooed Chef's stock price fell $1.03 per share, or 9.07%, to close at $10.33 per share on March 14, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, 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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