NEW YORK, May 07, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Arhaus, Inc. (“Arhaus” or the “Company”) (NASDAQ: ARHS). The investigation concerns whether Arhaus and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
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On April 29, 2024, Arhaus filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”) announcing that the Company’s previously issued unaudited condensed consolidated financial statements included in Amendment No. 1 to the Company’s Quarterly Report on Form 10-Q/A for the period ended September 30, 2023 filed with the SEC on March 11, 2024, should no longer be relied upon due to balance sheet errors. Arhaus stated it had “identified errors within the unaudited condensed consolidated balance sheet as of September 30, 2023 related to certain cash receipts from landlord reimbursements prior to showroom completion being incorrectly included in property, furniture and equipment, net. The errors also resulted in inaccurate cash flows ascribed to operating and investing activities in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023. The Company currently estimates that the impact of the errors will result in an increase in net cash provided by operating activities and an increase in net cash used in investing activities in the range of approximately $1 million to $5 million in the unaudited condensed consolidated statement of cash flows for the nine months ended September 30, 2023.” On this news, the price of Arhaus hares declined by $0.80 per share, or approximately 5.9%, from $13.46 per share on April 29, 2024 to close at $12.66 on April 30, 2024.
If you purchased or otherwise acquired Arhaus securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
