Tattooed Chef, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Tattooed Chef, Inc. (“Tattooed Chef”) (NASDAQ: TTCF) securities between March 20, 2021 through October 12, 2022 (the “Class Period”). Investors have until February 21, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Tattooed Chef operates as a food company, which grows, makes, and retails plant based fresh and frozen foods.
On October 12, 2022, after market hours, Tattooed Chef announced that it would restate its financial statements from March 31, 2021 to the present and revealed for the first time the revenue was overstated by $213,000 and the net loss was understated by $90,000 on the 1Q21 Report. There were also significant restatements for their 2Q21 Report, 3Q21 Report and their Annual Report. On this news, the price of Tattooed Chef shares declined by $0.44 per share, or approximately 9.8%, from $4.49 per share to open at $4.05 on October 13, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Tattooed Chef continuously downplayed its serious issues with internal controls; (2) Tattooed Chef's financial statements from March 31, 2021 to the present included "certain errors" such as overstating revenue and understating losses; and (3) as a result, Tattooed Chef would need to restate its previously filed financial statements for certain periods.