Lovesac facing shareholder pressure over accounting errors
By 
Kyle Brasseur2023-08-17T19:34:00
The Lovesac Company disclosed it expects to restate certain of its 2023 financial statements after an internal investigation uncovered accounting errors related to its recording of last mile freight expenses.
The furniture retailer confirmed its financial statements for the fiscal year ended Jan. 29, 2023, and the quarter ended April 30, 2023, should no longer be relied upon as part of its regulatory filing Wednesday. The company said it is working to complete the restatements and expects to file the amended forms following the completion of its analysis.
Shareholder rights law firms were quick to announce investigations into the company after its share price fell 8 percent during after-hours trading Wednesday.
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