Barrack, Rodos & Bacine is investigating potential claims on behalf of investors in shares of Waldencast plc for possible violations of federal securities laws. Waldencast is a holding company operating in the beauty and wellness markets. It trades on NASDAQ under the symbol “WALD” and had secondary offerings of stock in July and December 2022.
From mid-May 2021 to early June 2023, Waldencast stock traded steadily at or about $10 per share. In November 2021, Waldencast announced that it had entered into an agreement to acquire Obagi Global Holdings Limited, a Cayman Islands company that manufactures and sells skin care products; the acquisition was completed in July 2022. However, in early June 2023, Waldencast filed a disclosure form that called into question whether a key Credit Agreement of the Company would remain viable, and on July 5, 2023, it announced that previously issued financial statements for the first, second, and third quarters of 2022 could not be relied upon due to the accounting issues surrounding Obagi’s sales in Southeast Asia.
On this news, the price of Waldencast shares fell over 10% on July 6, 2023 (after having lost value from early June to early July), and Waldencast shares have lost over 25% of their value since then.
If you sustained losses in your investment in shares of Waldencast, we encourage you to discuss your rights by contacting Mark R. Stein or Linda Border at Barrack, Rodos & Bacine, at the toll-free number 877-386-3304, or via email at investoralert@barrack.com.
Philadelphia-based Barrack Rodos & Bacine has more than four decades of experience prosecuting securities law class actions, including cases involving accounting fraud and insider trading, and has achieved some of the largest recoveries in U.S. history of securities litigation. The firm’s largest
recoveries on behalf of investors include $6.19 billion for WorldCom investors, $3.32 billion for Cendant investors, $1.05 billion for McKesson investors, and $970.5 million for AIG investors.