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SHAREHOLDER WARNING: Regulation agency Pomerantz is investigating claims in favor of buyers in Casper Sleep Inc. – CSPR – Yahoo Finance

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "NEW YORK, NY / ACCESSWIRE / Aug 17, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Casper Sleep Inc. ("Casper" or the "Company") (NYSE: CSPR). It is recommended that such investors contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980. "data-reactid =" 12 ">NEW YORK, NY / ACCESSWIRE / Aug 17, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Casper Sleep Inc. ("Casper" or the "Company") (NYSE: CSPR). It is recommended that such investors contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529 extension 1. 7980.

The investigation concerns whether Casper and any of his officers and / or directors have committed securities fraud or other illegal business practices.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "(Click here for information on how to participate in the class action.)"data-reactid =" 14 "> (Click here for information on joining the class action.)

On or about February 7, 2020, Casper went public ("IPO" or "Offering") and sold 8.35 million shares of common stock at a price of $ 12.00 per share. In the lead up to going public, Casper claimed to have improved his profit margins significantly, which put him on a path to profitability. However, shortly after going public, Casper announced a downward trend in gross margin and a significant disruption to business operations due to an increasingly poor cash flow situation.

On April 21, 2020, Casper announced that the company had taken significant steps to improve its cash position and business model even though the company had raised more than $ 100 million in gross proceeds from its IPO less than three months ago. The company said it would reduce the size of its global operations and sales team and completely phase out its European operations, resulting in a loss of 21% of its total workforce worldwide. These drastic measures were necessary because of the company's growing losses and deterioration in liquidity. Casper also announced the resignation of Gregory Macfarlane, the company's chief financial officer and chief operating officer.

On May 12, 2020, Casper released a press release containing the financial results for the quarter ended March 31, 2020, indicating that the company suffered a net loss of $ 34.5 million, an increase of 98% year over year and an adjusted EBITDA loss of $ 22.9 million, an increase of 60% year over year. Additionally, Casper said that gross margin actually fell 190 basis points for the quarter.

Also on May 12, 2020, Casper filed its quarterly report on Form 10-Q with the United States Securities and Exchange Commission in which the company announced that its cash and cash equivalents for the quarter despite the fact that the company was only $ 48.5 million . USD gained over $ 88 million in net proceeds from the IPO. Form 10-Q stated that Casper suffered negative cash flow from operations and investments of over $ 40 million for the quarter.

On June 19, 2020, Casper's share price closed at $ 8.78 per share, a decrease of nearly 27% from the offer price.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The company Pomerantz with offices in New York, Chicago, Los Angeles and Paris are recognized as a premier corporate, securities and antitrust litigation firm. Founded by the late Abraham L. Pomerantz, best known as the dean of class action, the Pomerantz Firm Today, more than 80 years later, Pomerantz continues Continuing its tradition of fighting for the rights of victims of securities fraud, fiduciary violations, and corporate misconduct, the company has recovered from numerous millions of dollars in damages paid on behalf of class members www.pomerantzlaw.com. "data-reactid =" 24 "> The Pomerantz company with offices in New York, Chicago, Los Angeles and Paris is one of the leading firms in the fields of corporate, securities and antitrust disputes. Founded by the late Abraham L. Pomerantz, Known as the dean of the class action lawsuit, pioneered the Pomerantz Company. Today, more than 80 years later, the Pomerantz Company continues its tradition of fighting for the rights of victims of securities fraud, fiduciary violations and corporate misconduct has filed numerous multi-million dollar claims for damages on behalf of class members, see www.pomerantzlaw.com.

<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "SOURCE: Pomerantz LLP "Data Reactid =" 25 ">SOURCE: Pomerantz LLP

View source version on accesswire.com:
https://www.accesswire.com/602119/SHAREHOLDER-ALERT-Pomerantz-Law-Firm-Investigates-Claims-On-Behalf-of-Investors-of-Casper-Sleep-Inc–CSPR

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