LOS ANGELES, May 16, 2024 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Arhaus, Inc. (“Arhaus” or “the Company”) (NASDAQ: ARHS) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Arhaus filed an 8-K with the SEC on April 29, 2024. According to the filing, “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.” The Company added that 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.”
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
info@schallfirm.com
