LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Sequential Brands Group Inc. (“Sequential” or the “Company”) (NASDAQ: SQBG) on behalf of investors concerning the Company’s possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to participate.
On December 11, 2020, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint against Sequential for violations of the federal securities laws for failure to timely impair its goodwill as required by generally accepted accounting principles. Specifically, the SEC stated in a press release announcing the lawsuit that “[a]s alleged, by avoiding an impairment to its goodwill in 2016, Sequential inflated its income from operations, created a false impression of its financial condition, and misstated its financial statements and reports for almost a year.”
On this news, the Company’s stock price fell $2.03, or 11%, to close at $16.20 per share on December 11, 2020, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
If you purchased Sequential 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 info@frankcruzlaw.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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
