|Company Name||Waldencast plc|
On July 5, 2023, Waldencast disclosed that certain previously issued financial statements of Obagi Global Holdings Limited (“Obagi”) should no longer be relied upon because the Company discovered errors related to revenue recognition in connection with Obagi’s sales activity to its Southeast Asia distributor during the second half of fiscal year 2022 and marketing and other services purportedly performed by certain of Obagi’s distributors.
On this news, Waldencast’s stock price fell $0.76, or 10.2%, to close at $6.63 on July 6, 2023, thereby injuring investors.
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