Pomerantz LLP

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Level Brands, Inc.

We are investigating Level Brands, Inc. (LEVB) (“Level Brands” or the “Company”) for potential violations of the federal securities laws. 

On April 18, 2019, Level Brands disclosed that the Company’s Chief Financial Officer had “determined that an error existed in the Company’s previously issued unaudited condensed consolidated financial statements for the three months ended December 31, 2018[.]”  Specifically, Level Brands stated that it “failed to give effect to the phase in of FASB ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (‘ASU 2016-01’).”  Accordingly, Level Brands announced that it would restate its financial statements for the period at issue “to reflect the phase in of ASU 2016-01 which will impact how it records other comprehensive income”, and that it expected the restatement to “have an impact on the financial statements included in the Form 10-Q as previously filed, with changes reflected in the income statement on other comprehensive income (loss), unrealized gain (loss), and earnings per share, an impact on the balance sheets equity section, and adjustments to the statement of cash flow.”