An investigation on behalf of investors in Bowlero Corp. (NYSE:BOWL) shares over potential wrongdoing at Bowlero Corp. was announced.
San Diego, CA -- (SBWIRE) -- 09/18/2023 -- Certain directors of Bowlero Corp. are under investigation on over potential breaches of fiduciary duties.
Investors who purchased shares of Bowlero Corp. (NYSE: BOWL) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Bowlero Corp. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Mechanicsville, VA based Bowlero Corp. operates bowling entertainment centers under the AMF, Bowlmor Lanes, and Bowlero brand names. Bowlero Corp. reported that its Total Revenue rose from $395.23 million for the 12 months period that ended on June 30, 2021, to $911.7 million for the 12 months period that ended on June 30, 2022, and that its Net Loss over those respective time periods declined from $126.45 million to $29.93 million.
On May 17, 2023, Bowlero Corp., announced Q3 2023 financial results. As part of those results, Bowlero disclosed that its disclosure controls and procedures were not effective because of a material weakness related to certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures. Bowlero Corp. also noted, "Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger."
Shares of Bowlero Corp. (NYSE: BOWL) declined to $11.01 per share on May 18, 2023.
Those who purchased shares of Bowlero Corp. (NYSE: BOWL) have certain options and should contact the Shareholders Foundation.
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