Securities Class Action: Tattooed Chef, Inc.
PHILADELPHIA, PA / January 4, 2023 / – Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Tattooed Chef, Inc. (“Tattooed Chef”) (NASDAQ: TTCF) on behalf of those who purchased Tattooed Chef securities between March 20, 2021 and October 12, 2022, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Tattooed Chef securities during the Class Period may, no later than February 21, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (215) 875-3093, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/tattooed-chef-inc/
Tattooed Chef is a plant-based food company that offers sourced plant-based food. Its plant-based products are available in the frozen food sections of national retail food stores across the United States as well as on its e-commerce site. Tattooed Chef also provides chef-created products to the group of plant-based consumers as well as the mainstream marketplace.
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 disclosed that the financial statements, “were materially misstated and should no longer be relied upon and should be restated, because the Company (a) incorrectly recorded expenses related to a multi-vendor mailer program with a large customer as operating expenses rather than as a reduction of revenue; and (b) incorrectly recorded expenses for advertising placement by a marketing services firm on a straight-line basis over the life of the contract rather than when the services were actually rendered.” Following this news, Tattooed Chefs’ share price fell $0.44 per share, or 9.8%, from its close on October 12, 2022 to open on October 13, 2022 at $4.05 per share.
The complaint alleges that throughout the Class Period, the 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; (3) as a result, Tattooed Chef would need to restate its previously filed financial statements for certain periods; and (4) as a result, the defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.