NEW YORK, NY / ACCESSWIRE / November 29, 2022 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against Gaia, Inc. ("Gaia" or the "Company") (NASDAQ:GAIA). Investors who purchased Gaia securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/gaia.
The investigation concerns whether Gaia violated federal securities laws.
On November 7, 2022, Gaia announced that "an investigation by the staff of the Denver Regional Office (the ‘Staff') of the U.S. Securities and Exchange Commission (the ‘SEC')" which began in June 2020. According to Gaia, "[i]n 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 continued to state that, "[t]he 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]." Gaia also stated "[t]here can be no assurance that the contemplated settlement will be finalized and approved."
If you are aware of any facts relating to this investigation or purchased Gaia securities, you can assist this investigation by visiting the firm's site: www.bgandg.com/gaia. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC