NEW YORK, March 26, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Rafael Holdings, Inc. ("Rafael" or the "Company") (NYSE: RFL).  Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

Fighting for victims of securities fraud for more than 85 years (PRNewsfoto/Pomerantz LLP)

The investigation concerns whether Rafael and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

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On February 28, 2022, in a filing with the U.S. Securities and Exchange Commission that "the management and Audit Committee of the Board of Directors of Rafael Holdings, Inc. . . . concluded that the Company's previously issued unaudited consolidated interim financial statements as of, and for the quarter ended, October 31, 2021 (the 'Prior Period'), should no longer be relied upon because the Company did not correctly allocate non-cash losses to its noncontrolling interests and incorrectly calculated the weighted average shares outstanding by including in the figure nonvested restricted stock in the Prior Period resulting in material misstatements of certain balance sheet, statement of operations and comprehensive loss and statements of equity items for, and as of the end of, the Prior Period."  Rafael further advised that "[m]anagement has concluded that, as of the end of the Prior Period, there existed material weaknesses in internal control over financial reporting[.]" 

On this news, Rafael's stock price fell $0.21 per share, or 6.67%, to close at $2.94 per share on March 1, 2022.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980

 

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SOURCE Pomerantz LLP