Press release
Investigation announced for Investors who lost money with Bowlero Corp. (NYSE: BOWL) shares
An investigation for investors in Bowlero Corp. (NYSE: BOWL) shares over potential securities laws violations by Bowlero Corp.
Investors who purchased shares of Bowlero Corp. (NYSE: BOWL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Bowlero Corp. (NYSE: BOWL) concerning whether a series of statements by Bowlero Corp. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Mechanicsville, VA based Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. Bowlero Corp. reported that its Total Revenue rose from $395.23 million for the 12 months period that ended on June 30, 2021, to $911.7 million for the 12 months period that ended on June 30, 2022, and that its Net Loss over those respective time periods declined from $126.45 million to $29.93 million.
On May 17, 2023, Bowlero Corp., announced Q3 2023 financial results. As part of those results, Bowlero disclosed that its disclosure controls and procedures were not effective because of a material weakness related to certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures. Bowlero Corp. also noted, "Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger."
Shares of Bowlero Corp. (NYSE: BOWL) declined to $11.01 per share on May 18, 2023.
Those who purchased shares of Bowlero Corp. (NYSE: BOWL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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