Level Brands, Inc. (LEVB) is a microcap stock. Among other things, this company produces and markets CBD (cannabidiol) products to retail customers.
Recently, serious questions have been raised regarding the financial and accounting practices used by this business.
In fact, in an official filing with the Securities and Exchange Commission (SEC), Level Brands announced major errors in previous financial disclosures.
Level Brands: Restatement of Key Disclosures
Investors deserve reliable and clear financial information and long-term guidance from companies and their corporate managers. Unfortunately, that does not always occur. In this case, Level Brands has been forced to make significant changes to the financial statements that it released to investors.
More specifically, in documents submitted to the SEC and released to the public in April of 2019, Level Brands indicates that it misstated certain “financial assets” and “financial liabilities”.
In addition, the company noted that this restatement of financial information is likely to have a material impact on earnings per share and overall investor equity. Investors who have put their money into LEVB should be aware of how these new disclosures could have an impact on their financial position.
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