went public in 2021, its founders shrugged off mounting fears that a recession was on the horizon, stressing that they were confident that the company would become a global best-in-classCoty Raises Revenue Forecast, Cancels Planned Sale of Partial Wella Stake
According to a slew of regulatory filings, the issue appears to stem from Obagi Skincare, which Waldencast purchased from Haitong International Zhonghua Finance Acquisition Fund in 2021. Prior to that, the brand of medical grade skin care products was owned by Valeant Pharmaceuticals International Inc.
“The company is conducting an analysis pertaining to, among other things, certain accounting issues in connection with the sale of certain Obagi products for the Vietnam market,” it said in a release at the time. “The company’s audit committee is conducting an independent review, with the assistance of outside counsel, of the circumstances surrounding these issues to determine, among other things, whether certain accounting adjustments are necessary.
What this means for buzzy Gen Z brand Milk Makeup, whose founders include Mazdack Rassi and Zanna Roberts Rassi, remains to be seen.