NEW YORK, June 1, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Liberated Syndication Inc. (“Liberated” or the “Company”) (OTCMKTS: LSYN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Liberated and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 18, 2021, Liberated Syndication filed a notice with the U.S. Securities and Exchange Commission, stating that the Company’s “[c]onsolidated Balance Sheet as of December 31, 2018, the Consolidated Statement of Operations for the year ended December 31, 2018, the Statement of Stockholders’ Equity for the year ended December 31, 2018, and the Consolidated Statement of Cash Flows for the year ended December 31, 2018, all as presented in the Company’s Annual Report on Form 10-K/A for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on May 27, 2020” as well as “[t]he related interim financial statements and interim financial statements for the first three quarters of 2018” “should no longer be relied upon due to errors in recording local sales and income tax, errors in recording VAT and General Sales Taxes, errors in recording withholding tax related to restricted stock vesting events, and errors associated with deferred tax calculations[.]” Liberated Syndication advised that “[t]he Company will correct the financial statements for 2018 and 2019 and the quarterly reports for 2020 in forthcoming amendments to the applicable Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.”
On this news, Liberated Syndication’s stock price fell $0.11 per share, or 2.5%, to close at $4.29 per share on May 19, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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