The law firm of Kirby McInerney LLP is investigating potential claims against Bowlero Corp. (“Bowlero” or the “Company”) (NYSE: BOWL). The investigation concerns whether Bowlero and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
Bowlero owns and operates bowling entertainment centers.
On May 17, 2023, Bowlero announced its Q3 2023 financial results. The Company disclosed as part of its results that it had failed to maintain appropriate controls over financial reporting related to, among other things, acquisitions and fixed assets. The Company also stated: “Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger.” On this news, the price of Bowlero shares declined by $2.35 per share, or approximately 16.71%, from $14.06 per share to close at $11.71 on May 18, 2023.