Philadelphia, Pennsylvania--(Newsfile Corp. - April 18, 2023) - Grabar Law Office is investigating potential claims on behalf of Celsius Holdings, Inc. (NASDAQ: CELH) shareholders. The investigation centers around whether certain directors and officers of Celsius breached fiduciary duties owed to Celsius and its shareholders.
According to an underlying class action complaint, Celsius, through certain of its officers and directors made materially false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations, and prospects during the period from August 12, 2021, through March 1, 2022. Specifically, as alleged, defendants failed to disclose to investors that: (i) the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021; (ii) 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; (iii) there was a material weakness in the Company's internal controls over financial reporting; and (iv) 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.
On March 22, 2023, the Court issued an Order denying in part Defendants' Motion to Dismiss the complaint.
On April 10, 2023, the Court issued an Order referring the case to settlement mediation.
If you have continuously held Celsius shares since on or around its August 12, 2021, you can seek corporate reforms, the return of funds back to the company, and a court approved incentive award.
If you would like to learn more about this matter at no cost to you, you are encouraged to visit https://grabarlaw.com/the-latest/celsius-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call Josh Grabar at 267-507-6085.
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These materials have been prepared by the Grabar Law Office for informational purposes only and does not constitute legal advice. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. Prior results referred to in these materials do not guarantee or suggest a similar result in other matters.
Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/162848
Source: Grabar Law Office