regulatory
confidence high
sentiment negative
materiality 0.70
Grove Collaborative restates Q2 2021 EPS; prior period overstated by $0.59-$0.96 per share
Grove Collaborative Holdings, Inc.
- Net loss per share overstated by $0.59 for three months ended June 30, 2021; restated from $(3.97) to $(3.38).
- Net loss per share overstated by $0.96 for six months ended June 30, 2021; restated from $(9.13) to $(8.17).
- Error due to miscalculation of weighted-average shares from merger exchange ratio; no impact on cash, net loss, or cash flows.
- Audit committee concluded previously issued financials should no longer be relied upon; amended 10-Q to be filed.
- Material weakness identified in internal controls over financial reporting; disclosure controls not effective as of June 30, 2022.