Investors with losses are encouraged to contact the firm before May 17, 2021; click here to submit trade information
LOS ANGELES, May 11, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Sequential Brands Group, Inc. (NASDAQ: SQBG) investors that acquired shares between November 3, 2016 and December 11, 2020. Investors have until May 17, 2021 to seek an active role in this litigation.
It is alleged in this complaint that Sequential made materially misleading and/or false statements, and failed to disclose that: (1) Sequential knew or should have known in late 2016 that its goodwill was likely impaired; (2) Sequential avoided and delayed the material write down to goodwill in late 2016 through 2017; (3) Sequential understated its net loss and operating expenses and also materially overstated its income from goodwill, operations, and assets from late 2016 through 2017; (4) Sequential’s internal controls were deficient; (5) Sequential has failed to correct, restate, or disclose relevant improprieties, deceptive conduct, omissions, misstatements, and control violations; (6) Sequential was at greater risk of regulatory scrutiny and enforcement as a result of the foregoing; and (7) Sequential’s statements about its business, operations, and prospects, were materially misleading and false and/or lacked a reasonable basis at all relevant times as a result. The lawsuit claims that investors suffered damages, when the true details entered the market.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than May 17, 2021.
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The Portnoy Law Firm represents investors in pursuing claims arising from 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.