Tattooed Chef Inc.'s CEO and board failed to disclose the frozen food producer overstated revenue and understated losses during a period when the CEO made an $8 million stock sale, an investor alleges in a derivative suit.
Salvatore “Sam” Galletti’s insider trading took place while the stock’s price was inflated, according to the complaint filed March 17 in the US District Court for the Central District of California.
The company’s improper financial reports would “ultimately cause Tattooed Chef to restate over a year’s worth of its financial statements, resulting in significant losses,” investor Terry Bassett Jr. says on behalf ...
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