SAN DIEGO–(COMMERCIAL THREAD)–The class: Robbins LLP informs investors that a shareholder has filed a class action on behalf of all investors who purchased or otherwise acquired securities of Tattooed Chef, Inc. (NASDAQ: TTCF) between March 20, 2021 and October 12, 2022, alleging violations of the Securities Exchange Act of 1934 Tattooed Chef, Inc. is a plant-based food company offering plant-based food. Its plant-based products are available in the frozen food sections of national retail grocery stores across the United States and on its e-commerce site.
And now: Shareholders who are in similar positions may be eligible to participate in the class action against Tattooed Chef. Shareholders wishing to act as a lead plaintiff for the class must file their paperwork by February 21, 2023. A lead plaintiff is a representative party acting on behalf of other class members in the direction of litigation. You do not need to participate in the case to be eligible for a hoover. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
What this case is about: Tattooed Chef, Inc. (TTCF) misreported its financials due to material deficiencies in internal control
According to the complaint, the defendants did not disclose that Tattooed Chef has continuously downplayed its serious problems with internal controls and its financial statements for March 31, 2021 to date included “some errors” such as overreporting revenues and underreporting losses. As a result, Tattooed Chef would have had to reformulate its previously filed financial statements for certain periods.
On October 12, 2022, after market hours, the Company announced it would restate its financial statements for March 31, 2021 to date and disclosed for the first time that it had reported misrepresented revenue in each quarterly report. The Company also made numerous other changes to the financial statements that revealed the extent of internal control weaknesses. Specifically, Tattooed Chef “(a) misreported expenses related to a multi-vendor mailer with a large client as an operating expense rather than a decrease in revenue, and (b) misreported placement expenses advertising by a marketing services firm on a linear basis for the duration of the contract rather than when the services have actually been rendered.” At this news, Tattooed Chef’s stock price fell $0.44 per share, or 9.8%, to close at $4.05 per share on October 13, 2022.
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About Robbins LLP: A recognized leader in shareholder rights litigation, Robbins LLP’s lawyers and staff have been dedicated to helping shareholders recover losses, improve corporate governance structures and hold company executives accountable for their wrongdoings since 2002 To be notified if a class action against Tattooed Chef, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, subscribe to Backup watch today.
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