On Aug 15, 2023, Lovesac's Management, Audit Committee Concluded That Co's Prior Financial Statements Should No Longer Be Relied Upon; Would Restate Prior Financial Statements And Amend Annual Report On Form 10-k For Fiscal Year Ended January 29, 2023
Portfolio Pulse from Benzinga Newsdesk
Lovesac's management and audit committee have concluded that the company's prior financial statements should no longer be relied upon. The company will restate its prior financial statements and amend its annual report on Form 10-K for the fiscal year ended January 29, 2023.
September 08, 2023 | 8:08 pm
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Lovesac's decision to restate its financial statements and amend its annual report could potentially impact investor confidence and the company's stock price.
Restating financial statements is often seen as a red flag by investors, as it can indicate issues with a company's financial reporting or internal controls. This could potentially lead to a decrease in investor confidence and a drop in Lovesac's stock price in the short term.
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