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We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.

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The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

Portnoy Law Firm
Lesley F. Portnoy, Esq.,
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067

Waldencast, on November 15, 2021, announced its plans to merge with the skin care brand Obagi and the makeup brand Milk Makeup, marking a significant expansion in the beauty and skin care sector. However, the company later disclosed issues with Obagi’s financial statements for the periods before the merger, specifically for the year 2021 and the first quarter of 2022, stating that these financial reports should not be considered reliable. This announcement, made on July 5, 2023, led to a 10.2% drop in Waldencast’s stock price the following day.

Further complications arose when Waldencast reported its financial outcomes for the fiscal year ending December 31, 2022, including the restated financials for 2020 and 2021. This disclosure, made on January 16, 2024, resulted in a 15.29% decrease in the company’s stock price on the same day. These events underline the financial volatility and the challenges faced by Waldencast following its merger agreements and the subsequent revelations about financial inaccuracies.