LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Dolphin Entertainment, Inc. (“Dolphin” or the “Company”) (NASDAQ: DLPN) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On April 1, 2021, Dolphin reported that it could not timely file its fiscal 2020 annual report because it needed “additional time . . . to prepare the calculations to properly record certain revenue transactions.” The Company also stated that it expects to “continue to report material weaknesses in its internal control over financial reporting as of December 31, 2020.” Dolphin also stated that it would discuss its fourth quarter and full year 2020 financial results during a conference call to be held April 7, 2021.
On this news, the Company’s stock price fell $1.45, or approximately 11%, to close at $11.95 per share on April 5, 2021, the first trading session following the news, thereby injuring investors.
On April 7, 2021, Dolphin postponed its conference call to April 8, 2021.
On this news, the Company’s stock price fell sharply during after-hours trading on April 7, 2021.
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If you purchased Dolphin 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 firstname.lastname@example.org, 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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