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The investigation concerns whether Weber and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On or around August 6, 2021, Weber conducted its initial public offering (“IPO), selling approximately 17,857,143 shares of Class A common stock priced at $14.00 per share. Then, on July 25, 2022, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. Weber advised investors that it expected to report a net loss, noting that “[p]rofitability was negatively impacted by” several factors, including “promotional activity to enhance retail sell through.” Additionally, Weber announced that Chris Scherzinger “is departing” from his roles as Chief Executive Officer and director of the Company. Since the IPO, the Company’s stock price has fallen sharply, damaging investors.