OAKLAND, Calif.–(ZEEST MEDIA)–Shares of Bowlero Corp. plunged over 16% on May 18, 2023, after announcing in its 2023 Q3 financial results that it found material weaknesses in its disclosure controls and procedures. Gibbs Law Group is investigating a Bowlero Securities Class Action Lawsuit on behalf of shareholders who lost money in Bowlero Corp. (NYSE: BOWL).
“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.”
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On Wednesday, May 17, 2023, Bowlero announced its Q3 2023 financial results which included the disclosure that the company had a material weakness related to “certain financial reporting processes, including acquisition accounting, accounting for fixed assets, and certain financial reporting disclosures.” According to Bowlero, it also 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.”
Following this news, Bowlero’s stock plummeted over 16% on May 18, 2023, causing significant harm to investors.
What Should Bowlero Investors Do?
If you invested in Bowlero, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Bowlero Corp. has violated federal securities laws by providing false or misleading statements to investors.
About Gibbs Law Group
Gibbs Law Group represents investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Class Action Practice Group of the Year,” “Consumer Protection MVP,” and “Top Women Lawyers in California.”
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