According to the lawsuits, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Verus lacked the requisite resources, infrastructure and/or expertise to exploit its Big League Foods brand and its Major League Baseball (MLB) license; (2) the Company issues in production ramp-up were not fully resolved to enable the Company to fulfill customer orders; (3) as a result, the Company’s prospects and outlook were not as represented; (4) the Company’s internal controls for financial reporting and accounting were not sufficient with specific respect to stock-based compensation and classification of equity instruments; (5) as a result, the Company’s financial results, outlook and prospects were materially worse than represented; and (6) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
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