Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Waldencast plc ("Waldencast" or the "Company") (NASDAQ: WALD) investors that the firm has initiated an investigation into possible securities violations and may file a class action on behalf of investors. Waldencast investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
Waldencast, on November 15, 2021, announced its plans to merge with the skin care brand Obagi and the makeup brand Milk Makeup, marking a significant expansion in the beauty and skin care sector. However, the company later disclosed issues with Obagi's financial statements for the periods before the merger, specifically for the year 2021 and the first quarter of 2022, stating that these financial reports should not be considered reliable. This announcement, made on July 5, 2023, led to a 10.2% drop in Waldencast's stock price the following day.
Further complications arose when Waldencast reported its financial outcomes for the fiscal year ending December 31, 2022, including the restated financials for 2020 and 2021. This disclosure, made on January 16, 2024, resulted in a 15.29% decrease in the company's stock price on the same day. These events underline the financial volatility and the challenges faced by Waldencast following its merger agreements and the subsequent revelations about financial inaccuracies.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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