LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Liberated Syndication Inc. (“Libsyn” or “the Company”) (OTC: LSYN) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Libsyn filed a notice with the SEC on May 18, 2021, stating that its “Consolidated Balance Sheet as of December 31, 2018, the Consolidated Statement of Operations for the year ended December 31, 2018, the Statement of Stockholders’ Equity for the year ended December 31, 2018, and the Consolidated Statement of Cash Flows for the year ended December 31, 2018, all as presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on May 27, 2020” along with “the related interim financial statements and interim financial statements for the first three quarters of 2018,” should “no longer be relied upon due to errors in recording local sales and income tax, errors in recording VAT and General Sales Taxes, errors in recording withholding tax related to restricted stock vesting events, and errors associated with deferred tax calculations.” Libsyn stated that “the Company will correct the financial statements for 2018 and 2019 and the quarterly reports for 2020 in forthcoming amendments to the applicable Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.” Based on this news, shares of Libsyn fell by about 7% over the next several trading sessions.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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