ONGOING INVESTIGATION ALERT: The Schall Law Firm Announces it is Investigating Claims Against Gaia, Inc. and Encourages Investors with Losses to Contact the Firm
Nov 24th, 2022 10:05 EST
Los Angeles, California--(Newsfile Corp. - November 24, 2022) - The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Gaia, Inc. ("Gaia" or "the Company") (NASDAQ: GAIA) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Gaia revealed on November 7, 2022, that it is the subject of "an investigation by the staff of the Denver Regional Office (the 'Staff') of the U.S. Securities and Exchange Commission (the 'SEC')" that began in June 2020. According to the Company, "in September 2022, Gaia and Gaia's Chief Financial Officer ('CFO') reached an agreement in principle with the Staff on a framework for a complete resolution of the investigation." The Company disclosed that, "the agreement in principle contemplates that Gaia would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that Gaia (a) misstated in its April 29, 2019 earnings release and earnings call the number of paying subscribers for the period ending March 31, 2019, … and (b) failed to comply with SEC whistleblower protection requirements with respect to the termination of one employee and the language used in severance agreements for other employees; and (2) requiring Gaia to pay a total civil monetary penalty of $2,000[,000] over a one-year period for these violations. At the same time, the CFO would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that the CFO caused Gaia's misstatements in the April 29, 2019 earnings release and earnings call that is described above; and (2) requiring the CFO to pay a civil monetary penalty of $50[,000]."
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145608