NEW YORK, Nov. 19, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Veru Inc. (“Veru” or the “Company”) (NASDAQ: VERU). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Very and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 15, 2023, Veru disclosed in a filing with the U.S. Securities and Exchange Commission that “its previously issued unaudited condensed consolidated financial statements as of and for the three and nine months ended June 30, 2023 (the ‘Prior Financial Statements’) should no longer be relied upon due to the identification of an error related to the accounting for the sale of ENTADFI assets on April 19, 2023, for which a gain on sale of $17,456,814 was initially recorded.” Veru “also determined that there was an error in the going concern disclosures in the Prior Financial Statements. Specifically the Company considered if the forecasted future cash flows will be sufficient to enable the Company to meet its contractual commitments and obligations as they come due in the ordinary course of business for a period of at least one year from the filing of the Company’s report on Form 10-Q for the quarter ended June 30, 2023 on August 10, 2023.” Accordingly, the Company determined “that the Prior Financial Statements should be restated” and “that a material weakness exists in the Company’s internal control over financial reporting related to its controls over applying technical accounting guidance to nonrecurring events and transactions, specific to the evaluation of information that was known or knowable at the time of the transaction or event.”
On this news, Veru’s stock price fell sharply during intraday trading on November 16, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
