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id: 526, Created by Stan Vick, Scout
Tattooed Chef (TTCF) Financial Restatements Case
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On October 12, 2022, Tattooed Chef (TTCF) announced that it would restate its quarterly and annual financial statements for 2021 and its Q1 and Q2 of 2022. and that these financial statements should no longer be relied upon.
The Company clarified that the restatements are because it was notified earlier this month by its former independent registered public accounting firm, BDO USA LLP, that “the company incorrectly recorded expenses related to a multi-vendor mailer program with a large customer as operating expenses rather than reduction of revenue, and expenses for advertising placement by a marketing services firm on a straight-line basis over the life of the contract rather than when the services were actually rendered.”
Investors have reasons to suspect that the Company, its Leaders, and its Services providers could have committed gross negligence in the management of the Company and disclosure of information to shareholders.
Failure to Disclose,
Shock Event Date
12 October 2022