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Gainey McKenna & Egleston Announces A ClassAction Lawsuit Has Been Filed Against Gaia, Inc. (GAIA)

PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.
December 21, 2022 GMT

NEW YORK, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities who purchased the securities of Gaia, Inc. (“Gaia” or the “Company”) (NASDAQ: GAIA) between December 26, 2017 and November 7, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose, among other things, that: (i) the Company’s first quarter 2019 subscriber count was overstated; (ii) the Company lacked adequate internal controls; (iii) as a result, Defendants had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and (iv) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the truth emerged, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Gaia should contact the Firm prior to the February 21, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.