NEW YORK, April 19, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Level Brands, Inc. ("Level Brands" or the "Company") (NYSEAMERICAN: LEVB). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Level Brands and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 18, 2019, Level Brands disclosed that the Company's Chief Financial Officer had "determined that an error existed in the Company's previously issued unaudited condensed consolidated financial statements for the three months ended December 31, 2018[.]" Specifically, Level Brands stated that it "failed to give effect to the phase in of FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities ('ASU 2016-01')." Accordingly, Level Brands announced that it would restate its financial statements for the period at issue "to reflect the phase in of ASU 2016-01 which will impact how it records other comprehensive income", and that it expected the restatement to "have an impact on the financial statements included in the Form 10-Q as previously filed, with changes reflected in the income statement on other comprehensive income (loss), unrealized gain (loss), and earnings per share, an impact on the balance sheets equity section, and adjustments to the statement of cash flow."
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP