NEW YORK, NY / ACCESSWIRE / August 2, 2022 / Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Verano Holdings Corp. ('Verano' or the 'Company') (OTC:VRNOF).
If you suffered losses exceeding $50,000 investing in Verano stock or options and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). You may also click here for additional information: www.faruqilaw.com/VRNOF.
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Pennsylvania, California and Georgia.
On July 27, 2022, Verano filed a Notice with the U.S. Securities and Exchange Commission, disclosing that '[o]n July 26, 2022, as a result of internal compensation and tax reviews, certain accounting errors were uncovered and in consultation with Verano Holding Corp.'s (the ‘Company') management, the Audit Committee of the Board of Directors (the ‘Audit Committee') of the Company determined that the Company will be required to restate' its Unaudited Condensed Interim Consolidated Financial Statements for the quarters ended March 31, 2021, June 30, 2021, September 30, 2021, March 31, 2022, and for the year ended December 31, 2021. Verano specified that 'the Audit Committee determined that the Company's stock-based compensation expense in connection with the Company's restricted stock units was understated in each of the Prior Period Financials (i) primarily as a result of calculating such expense as if each restricted stock unit vested into one share of the Company's Class A subordinate voting shares (‘SV Shares') instead of 100 SV Shares and (ii) to a lesser extent, as a result of, among other things, using the Black-Scholes option pricing model to value such restricted stock units instead of the date of grant trading price of the SV Shares underlying such restricted stock units, as listed on the Canadian Securities Exchange. As a result of such understated stock-based compensation expense, the Company's tax expense in each of the Prior Periods Financials was overstated, and accordingly, the Company's tax obligation will be reduced.'
On this news, Verano's stock price fell $0.24 per share, or 3.72%, to close at $6.22 per share on July 28, 2022.
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SOURCE: Faruqi & Faruqi, LLP
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