Celsius Holdings, Inc.

  • Active

Investigation
03/01/2022

Initial Lawsuit
03/16/2022

Lawsuit Progression
06/06/2022

Investigation

  • Continous Holding
    August 12, 2021 to March 1, 2022
  • Proposed Claim
    Securities Violation

Did Celcius Holdings, Inc. mislead investors regarding its internal controls over financial reporting?

This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We will update this post as it unfolds.

Main Event

Material Weakness

03/01/2022

SEC Filing

Celsius discloses its Q4 and fiscal year 2021 financial results, along with a material weakness in its internal controls over financial reporting related to the misapplication of U.S. GAAP. The company determined that the calculation of expense of non-cash share based compensation related to grants of stock options and restricted stock units “issued to former employees and retired directors was materially understated“. Celsius added that the compensations “were modified and the expense should have been calculated and recognized using the fair market value of the awards as of the date of modification and recognized over the remaining service period.”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$64.82 $62.8 $2.02 3.22%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 03/16/2022

A Celsius Holdings, Inc. shareholder filed a class action on behalf of persons and entities that purchased or otherwise acquired Celsius securities between August 12, 2021 and March 1, 2022, inclusive.

  • Filing Date
    03/16/2022
  • Class Period
    08/12/2021 to 03/01/2022
  • Transgression
    Securities Violation
  • Filing Firms
    Glancy Prongay & Murray LLP
    Desmond Law Firm, P.C.
  • Case Title
    Mccallion v. Celsius Holdings, Inc.
  • Docket Number
    9:22-cv-80418
  • Court
    Florida Southern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors:

(1) that the company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021;
(2) that, as a result, the company’s financial statements for those periods would be restated, including to report a net loss for the third quarter of 2021;
(3) that there was a material weakness in Celsius’s internal controls over financial reporting; and
(4) that, as a result of the foregoing, defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Defendants

  • Company
    Celsius Holdings, Inc.
  • Chief Executive Officer
    John Fieldly
  • Chief Financial Officer
    Edwin Negron

Lawsuit progression

  • Docket Number
    9:22-cv-80418
  • Court
    Florida Southern District Court

Lead Counsel

06/06/2022

The court issued an order appointing the lead plaintiff and lead counsel.

  • Lead Counsel
    Grant & Eisenhofer P.A.
  • Lead Plaintiff
    Group of Funds
  • Free File
    Order for lead
[stockdio-historical-chart symbol=”CELH” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

More

More Cases & Investigations
Privacy Policy
© Copyright 2025 Brios Services LLC
Terms & Conditions