The Law Offices of Frank R. Cruz Announces Investigation of Rafael Holdings, Inc. (RFL) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Rafael Holdings, Inc. (“Rafael” or the “Company”) (NYSE: RFL) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On February 28, 2022, Rafael disclosed that its previously issued financial statements for the quarter ended October 31, 2021 “should no longer be relied upon because the Company did not correctly allocate non-cash losses to its noncontrolling interests and incorrectly calculated the weighted average shares outstanding.” The Company also stated that there was a material weakness in its internal control over financial reporting.

On this news, Rafael’s stock fell $0.21, or 6.7%, to close at $2.94 per share on March 1, 2022.

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If you purchased Rafael 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 [e-mail], 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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