BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming May 16, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Celsius Holdings, Inc. (“Celsius” or the “Company”) (NASDAQ: CELH) securities between August 12, 2021 and March 1, 2022, inclusive (the “Class Period”).
Investors suffering losses on their Celsius investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On March 1, 2022, after the market closed, Celsius disclosed that it could not timely file its 2021 annual report due to “staffing limitations, unanticipated delays and identified material errors in previous filings.” Specifically, Celsius “determined that the calculation and expense of non-cash share-based compensation, related to grants of stock options and restricted stock units awarded to certain former employees and retired directors were materially understated for the three and six month periods ended June 30, 2021 and three and nine month periods ended September 30, 2021.” As a result, management concluded that there was a material weakness in the Company’s internal controls over financial reporting.
On this news, the Company’s stock price fell to an intra-day low of $56.21 per share on unusually heavy trading volume on March 2, 2022. Over the course of the March 2, 2022 and March 3, 2022 trading sessions, the Company’s stock price fell a total of $5.20, or 8.3% on unusually heavy trading volume to close at $57.60 per share on March 3, 2022.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021; (2) that, as a result, the Company’s financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021; (3) that there was a material weakness in Celsius’s internal controls over financial reporting; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Celsius securities during the Class Period, you may move the Court no later than May 16, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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