Sequential Brands Group Inc
|Company Name||Sequential Brands Group Inc|
On December 11, 2020, the U.S. Securities and Exchange Commission (“SEC”) filed a complaint against Sequential for violations of the federal securities laws for failure to timely impair its goodwill as required by generally accepted accounting principles. Specifically, the SEC stated in a press release announcing the lawsuit that “[a]s alleged, by avoiding an impairment to its goodwill in 2016, Sequential inflated its income from operations, created a false impression of its financial condition, and misstated its financial statements and reports for almost a year.”
On this news, the Company’s stock price fell $2.03, or 11%, to close at $16.20 per share on December 11, 2020, thereby injuring investors.
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