NEW YORK, Sept. 13, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Waldencast plc. (“Waldencast” or the “Company”) (NASDAQ: WALD). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Waldencast and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 15, 2021, Waldencast issued a press release announcing entry into a business “into definitive simultaneous business combination agreements with leading science-based, results-driven skin care brand Obagi and award-winning makeup and skin care brand Milk Makeup.”
Then, on July 5, 2023, Waldencast announced that certain of Obagi’s financial statements for periods prior to the merger transaction “should no longer be relied upon.” The financial statements containing errors and requiring restatement included those for 2021 and for the first quarter of 2022 and were included within Waldencast’s registration and proxy statement soliciting stockholder approval of the merger.
On this news, Waldencast’s stock price fell $0.76 per share, or 10.2%, to close at $6.63 per share on July 6, 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 billions of dollars in 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
