INVESTIGATION NOTICE: Girard Sharp Law Firm Encourages Investors in Waldencast Plc f/k/a Waldencast Acquisition Corp. to Contact the Firm
July 27 2023 - 3:04PM
Business Wire
Girard Sharp, LLP and Malmfeldt Law Group P.C., national
investment, securities, and class action firms, announce that they
are investigating claims on behalf of investors who acquired stock
in Waldencast Acquisition Corp. (NASDAQ: WALD) prior to its merger
with Obagi Global Holdings Ltd. in July 2022.
If you acquired Waldencast stock and would like to discuss
your potential claim, please email apolk@girardsharp.com
or call (866) 981-4800 for a free consultation.
On July 5, 2023, Waldencast announced that certain of Obagi’s
financial statements for periods prior to the merger transaction
“should no longer be relied upon.” The financial statements
containing errors and requiring restatement included those for 2021
and for the first quarter of 2022. These financial statements were
included within Waldencast’s registration and proxy statement
soliciting stockholder approval of the merger.
In its July 5 announcement, Waldencast stated that the
restatement of Obagi’s 2021 financials was “linked to revenue
recognition applicable to…marketing and other services purportedly
performed by certain of Obagi’s distributors” and that it expected
that Obagi’s 2021 revenue to be adjusted downward by approximately
$41 million.
On July 7, 2022, approximately three weeks prior to the merger,
Waldencast boasted in a prospectus that Obagi’s sales had grown at
the annual rate of 17% between 2019 and 2021. This representation
now appears to have been false.
On the news of the restatement, the price of Waldencast stock
declined by approximately 10% on July 6, 2023. And since the merger
with Obagi on July 27, 2022, the stock price has declined by
approximately 25%.
If you acquired Waldencast stock, click here to
participate.
We also encourage you to contact Adam Polk of Girard Sharp
LLP, 601 California Street, Suite 1400, San Francisco, CA 94108, at
(866) 981-4800, to discuss your rights free of charge. You can also
reach us through the firm’s website at
www.girardsharp.com, or by email at
apolk@girardsharp.com.
Why Girard Sharp?
Girard Sharp represents investors, consumers, and institutions
in class actions and other complex litigation nationwide. We serve
on the Plaintiffs’ executive committee in the recent spoofing
litigation against JPMorgan Chase that settled for $60 million, a
favorable resolution that the district court preliminarily approved
in December 2021. Our attorneys have obtained multimillion-dollar
recoveries for victims of unfair and deceptive practices in
antitrust, financial fraud, and consumer protection matters against
some of the country’s largest corporations, including Raymond
James, John Hancock, and Sears. Girard Sharp has earned top-tier
rankings from U.S. News and World Report for Securities and Class
Action Litigation and has been repeatedly selected as an Elite
Trial Lawyers finalist by the National Law Journal.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and rules of
ethics.
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Girard Sharp LLP (866) 981-4800 contact@girardsharp.com
apolk@girardsharp.com www.girardsharp.com
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