On July 5, 2023, after the market closed, Waldencast filed a current report with the Securities and Exchange Commission in which it disclosed, among other things, that it intended to “restate its consolidated financial statements for the Relevant Periods”, which were the periods ending December 31, 2021 March 31, 2022, June 30, 2022, and September 30, 2022. Waldencast announced it had “determined that a material weakness existed in the Company’s internal control over financial reporting during the relevant periods.”
On this news, Waldencast’s stock fell $0.76 per share, or 10%, to close at $6.63 per share on July 6, 2023.
Then, on January 16, 2024, Waldencast reported its financial results for the fiscal year ended December 31, 2022, which included restated financial statements.
On this news, Waldencast’s stock fell $1.57 per share, or 15%, to close at $8.70 per share on January 16, 2024.