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Waldencast revealed on January 31, 2024, that Philippe Gautier, who served as both the Chief Financial Officer and Chief Operating Officer, is departing the firm with immediate effect. In his place, the company has appointed Manuel Manfredi, who comes from outside the organization, as the new CFO.

This executive shake-up is part of a broader series of challenges linked to financial inaccuracies that started to surface on July 5, 2023. It was then that Waldencast disclosed its need to revise its financial reports for the entire year of 2021 and the first half of 2022.

The inaccuracies were primarily due to incorrect revenue recording from sales of its Obagi skincare line to a distributor in Southeast Asia. Specifically, Waldencast anticipated adjusting its revenue expectations for Obagi product sales in the Vietnam market for the latter half of 2022 from an initial forecast of $33 million to zero.

Subsequently, on January 16, 2024, Waldencast submitted corrected financial statements for 2020 and 2021, acknowledging significant errors for 2021, including a revenue overstatement by approximately $63.6 million (or about 44%) and an overestimation of accounts receivable by around $44.6 million (or approximately 238%).

Moreover, the company announced that these restatements prompted an investigation by the SEC, which has requested documentation from Waldencast.

These developments have led to a significant decline in Waldencast’s stock value.