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WALD.US
id: 1022, Created by , Scout

Waldencast’s (WALD) Obagi Division Unreliable Financial Statements Case

  • On July 5, 2023, Waldencast (WALD) disclosed that certain financial statements of its division Obagi Global Holdings Limited should no longer be relied upon because of accounting errors.
  • On it, $WALD fell 10.2%, losing $76M+ of shareholder value.
  • Investors may have grounds to suspect that Waldencast was negligent in completing the Obagi merger deal, which led to their losses.
On July 5, 2023, Waldencast disclosed that certain financial statements of Obagi Global Holdings Limited should no longer be relied upon because the Company discovered errors related to revenue and expense recognition related to several Obagi’s distributors.

On this news, $WALD fell 10.2% and lost over $76 million of its market capitalization, seriously damaging shareholders.

Considering all the information, investors might have grounds to suspect that Waldencast negligently conducted due diligence for the Obagi merger, which led to their losses.

The case is already under investigation by at least one of the reputable law firms.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06 July 2023
Collecting participants…

Waldencast Acquisition Corp

Waldencast plc operates in the beauty and wellness business. The company engages in developing, acquiring, accelerating, and scaling various brands. It provides cosmetic, over-the-counter, and pres...

    Ticker
    WALD.US
    ISIN
    JE00BPG99318
    CIK
    1840199
    Sector
    Technology
    Industry
    Software - Application
    Country
    USA
    Address
    10 Bank Street, White Plains, NY, United States, 10606