The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Tattooed Chef, Inc. (“Tattooed Chef” or the “Company”) (NASDAQ: TTCF) securities between March 20, 2021 and October 12, 2022, inclusive (the “Class Period”). Tattooed Chef investors have until February 21, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On October 12, 2022, after market hours, Tattooed Chef announced that it would be restating its financial statements from March 31, 2021 to the present and should no longer be relied upon, revealing that revenue had been overstated by $5,436,000 for fiscal 2021.
On this news, Tattooed Chef’s stock price fell $0.44, or 9.8%, in after-hours trading, to open at $4.05 per share on October 13, 2022, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Tattooed Chef continuously downplayed its serious issues with internal controls; (2) Tattooed Chef’s financial statements from March 31, 2021 to the present included “certain errors” such as overstating revenue and understating losses; (3) as a result, Tattooed Chef would need to restate its previously filed financial statements for certain periods; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Tattooed Chef securities during the Class Period, you may move the Court no later than February 21, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Tattooed Chef securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Tattooed Chef, Inc. (TTCF) Investors
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007