NEW YORK, May 14, 2024 (GLOBE NEWSWIRE) —
WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Arhaus, Inc. (NASDAQ: ARHS) resulting from allegations that Arhaus may have issued materially misleading business information to the investing public.
SO WHAT: If you purchased Arhaus securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.
WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=24680 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@rosenlegal.com for information on the class action.
WHAT IS THIS ABOUT: On April 29, 2024, after market hours, Arhaus filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) announcing “the Company’s previously issued unaudited condensed consolidated financial statements included in Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q/A for the period ended September 30, 2023 (the ‘Q3 Form 10-Q/A’ and such period, the ‘Affected Period’), filed with the [] SEC on March 11, 2024, should no longer be relied upon due to the errors described below and should be restated.” In addition, Arhaus stated it had “identified errors within the unaudited condensed consolidated balance sheet as of September 30, 2023 related to certain cash receipts from landlord reimbursements prior to showroom completion being incorrectly included in property, furniture and equipment, net. The errors also resulted in inaccurate cash flows ascribed to operating and investing activities in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023. The Company currently estimates that the impact of the errors will result in an increase in net cash provided by operating activities and an increase in net cash used in investing activities in the range of approximately $1 million to $5 million in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023.”
On this news, Arhaus’s stock price fell $0.80 per share, or 5.9%, to close at $12.66 per share on April 30, 2024.
WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.
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Attorney Advertising. Prior results do not guarantee a similar outcome.
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Contact Information:
Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
case@rosenlegal.com
www.rosenlegal.com
