SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gaia, Inc. - GAIA
SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Gaia, Inc.
Jan 12, 2023 by PR Newswire
- Pomerantz LLP is investigating claims on behalf of investors of Gaia, Inc. ("Gaia" or the "Company") (NASDAQ: GAIA).
- According to the Company, "in September 2022, Gaia and Gaia's Chief Financial Officer ('CFO') reached an agreement in principle with the Staff on a framework for a complete resolution of the investigation."
- The Company disclosed that "the agreement in principle contemplates that Gaia would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that Gaia (a) misstated in its April 29, 2019 earnings release and earnings call the number of paying subscribers for the period ending March 31, 2019, ... and (b) failed to comply with SEC whistleblower protection requirements with respect to the termination of one employee and the language used in severance agreements for other employees; and (2) requiring Gaia to pay a total civil monetary penalty of $2,000[,000] over a one-year period for these violations.
- At the same time, the CFO would consent, without admitting or denying any findings, to the entry of an administrative order: (1) finding that the CFO caused Gaia's misstatements in the April 29, 2019 earnings release and earnings call that is described above; and (2) requiring the CFO to pay a civil monetary penalty of $50[,000]."
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