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TTCF.US

id: 526

Tattooed Chef ($TTCF) Investor Settlement

The settlement terms have been submitted to the court for approval.

$4,750,000

Cash Settlement

C.D. California

Court

2:22-cv-09311

Case number

12/15/2020

Class period Start

11/28/2022

Class period End

Tattooed Chef ($TTCF) has reached a settlement with investors to resolve claims that it misrepresented its financial condition, overstated revenues, and concealed serious accounting issues following its SPAC merger in 2020.

Outline:

Tattooed Chef became public in October 2020 through a SPAC merger. Investors claim the company later disclosed major accounting errors and internal control failures that led to restated financials. The disclosures were followed by stock declines, executive departures, and a Chapter 11 bankruptcy filing in 2023. The settlement resolves investor claims tied to the company’s financial reporting and related public statements.

Timeline:
October 2020 — Tattooed Chef went public via SPAC merger with Forum Merger II.
May 2022 — The company revealed material weaknesses in internal control over financial reporting.
March 2023 — Tattooed Chef announced it would restate previously issued financial statements for 2021 and 2022 due to accounting errors.
July 2023 — The company filed for Chapter 11 bankruptcy.
December 2023 — Shareholders filed a lawsuit claiming misrepresentations in SEC filings and financial disclosures.
January 2026 — Tattooed Chef agreed to a settlement to resolve investor claims.
Background:

Tattooed Chef entered the public markets through a 2020 SPAC merger, highlighting growth plans for its plant-based products and expansion across major retailers.

Investors claim that, over time, the company’s public reporting did not reflect serious weaknesses in its financial reporting processes. In 2022, Tattooed Chef disclosed material weaknesses in internal controls tied to financial close and reporting.

The company later identified accounting issues affecting areas such as inventory, cost of goods sold, and expenses. In March 2023, Tattooed Chef announced it would restate financial statements for 2021 and 2022 and cautioned that prior reports should no longer be relied upon.

As these issues surfaced, leadership changes followed, including the resignation of key finance executives. By July 2023, Tattooed Chef filed for Chapter 11 bankruptcy, and investors contend the stock’s value deteriorated sharply.

The lawsuit centers on claims that investors were misled about Tattooed Chef’s accounting practices, financial condition, and business outlook in the period following the SPAC merger.

What Can Investors Expect Now?

Tattooed Chef ($TTCF) has reached a settlement with investors to resolve claims that it misrepresented its financial condition, overstated revenues, and concealed serious accounting issues following its SPAC merger in 2020.

If you were damaged due to this situation, you can file for a payout and get your share of the settlement. You can check if you are eligible and other details in the FAQ section below.

Case Type

US Securities Class Action

Case Status

Stipulative Settlement

Alleged Offence

Mismanagement,

Misleading Statements,

Financial Misrepresentation,

Fraud,

Failure to Disclose,

Malpractice,

Negligence,

Omissions

Suspected Party

Directors,

Management,

Service Provider

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.11

Filing date

12/23/2022

Plaintiffs

John Hancock; Shashank Bagul; John Spadaro

Attorneys

Bottini & Bottini, Inc.

Defendants

Salvatore Galletti ;Stephanie Dieckmann; Charles F. Cargile; Edward Gelfand

Administrator

EPIQ

Attorney fee

$1,780,000

Trades matching type

FIFO

Frequently Asked Questions

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