In the current trading session, Sequential Brands Group Inc. (SQBG) stock surged by 14.64% to trade at the price of $23.65 at the time of writing. SQBG stock previously closed its session at $20.63. The SQBG stock volume traded at 25334.0 shares. The average trade volume for the 3 previous months has been 46.67K. In the past year, SQBG shares have surged by 206.45%. In the past week, the SQBG stock jumped up by 34.92%. In the past three and six months, the SQBG stock has rallied by 18.02% and 140.72% respectively. Furthermore, Sequential Brands Group Inc. is currently valued at $32.39 million and has 1.65 million outstanding shares.
About Sequential Brands Group Inc.
Sequential Brands Group Inc. is an apparel and home goods manufacturing company. SQBG consists of many subsidiaries and operates various consumer brands for the lifestyle and active categories. The list of product offerings that Sequential Brands Group Inc. has includes apparel, fashion, home goods, and accessories. The company uses multiple channels for promoting, marketing, and providing licenses for its brands. These multiple channels include retailers, wholesalers, distributors that exist domestically or internationally.
Even if you’re not actively in crypto, you deserve to know what’s actually going on...
Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.
Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free.
The list of brands that Sequential Brands Group Inc. has consists of AND1, DVS, Caribbean Joe, GAIAM, Joe’s, The Franklin Mint, Nevados, Avia, Jessica Simpson, Heelys, William Rast, Ellen Tracy, and Linens N Things.
What is recently happening in the company?
On 26th April 2021, the Sequential Brands Group Inc. (SQBG) announced that it has sold and closed the deal for the Heelys brand to BBC International. The deal valued Heelys at $11 million and the transaction took place in cash proceeds. Sequential Brands Group Inc. plans to use the cash proceeds to pay its current debts.
Sequential Brands Group Inc.’s Board of Directors is looking for alternative strategies and business opportunities to invest in, which is why it is divesting some of its current portfolios which resulted in the selling of the Heelys brand. The company had previously acquired Heelys back in 2013 when it was valued and purchased at a net price of $5.5 million. This net purchase value consists of the cash balance that was contained in the balance sheet of Heelys at the time of acquisition by SQBG stock. BBC international has purchased the license of Heelys since 2013 and has thus established a business connection with the brand.
Not all news is good for the SQBG stock recently
The company is being plastered with lawsuits that allege that Sequential Brands Group Inc. and certain employees/and or directors of SQBG have committed securities fraud and/or other unlawful businesses. The most recent of these lawsuit investigations are filed by Shareholders Foundation and Pomerantz Law Firm.
The details that generally encompass the allegation in the complaints say that SQBG made misleading and materially false statements. The most major of the complaints alleged that avoided and delayed the material write down to goodwill in late 2016 through 2017. The company is alleged to have deficient internal controls. The statements about SQBG’s businesses, future prospects and operations were materially false since the company failed to restate and correct relevant improprieties. Furthermore, the defendants were at risk of regulatory scrutiny and enforcement.