CELSIUS HOLDINGS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of Florida against Celsius Holdings, Inc.

LEAD PLAINTIFF DEADLINE IS MAY 16, 2022

NEW YORK, March 23, 2022 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Celsius Holdings, Inc. (“Celsius” or the “Company”) (NASDAQ: CELH) in the United States District Court for the Southern District of Florida on behalf of all persons and entities who purchased or otherwise acquired Celsius securities between August 12, 2021 and March 1, 2022, both dates inclusive (the “Class Period”).

All investors who purchased the shares of Celsius Holdings, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in Celsius Holdings, Inc., you may, no later than May 16, 2022, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Celsius Holdings, Inc.

PLEASE CLICK HERE TO JOIN THE CASE

The filed complaint alleges that throughout the Class Period, 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 failed to disclose to investors:

• that the Company had improperly recorded expenses for non-cash share-based compensation for second and third quarters of 2021;
• 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;
• that there was a material weakness in Census’ internal controls over financial reporting; and
• 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.

On March 1, 2022, after the market closed, Celsius disclosed that it could not timely file its 2021 annual report due to “staffing limitations, unanticipated delays and identified material errors in previous filings.” Specifically, Celsius “determined that the calculation and expense of non-cash share-based compensation, related to grants of stock options and restricted stock units awarded to certain former employees and retired directors were materially understated for the three and six month periods ended June 30, 2021 and three and nine month periods ended September 30, 2021.” As a result, management concluded that there was a material weakness in the Company’s internal controls over financial reporting.

On this news, the Company’s stock price fell to an intra-day low of $56.21 per share on unusually heavy trading volume on March 2, 2022. Over the course of the March 2, 2022 and March 3, 2022 trading sessions, the Company’s stock price fell a total of $5.20, or 8.3% to close at $57.60 per share on March 3, 2022.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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