PetMed Express (PETS) Faces Investor Scrutiny Amid Filing Delays, Executive Departures, Admitted Accounting Rule Violations -- Hagens Berman

SAN FRANCISCO, Oct. 10, 2025 /PRNewswire/ -- Investors in PetMed Express (NASDAQ: PETS) have seen the price of their shares steadily decline by about 26% since June 16, 2025, when the company announced it would not timely file its annual financial statements for its year ended March 31, 2025. Later disclosures reveal serious additional company problems.

The developments and severe market reaction have prompted national shareholders rights firm Hagens Berman to open an investigation into whether PetMed may have intentionally misled investors about its financial results.

The firm urges investors in PetMed who suffered significant losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

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PetMed Express (PETS) Investigation:

The investigation is focused on the propriety of PetMed's repeated assurances to investors that its financial statements have been prepared in accordance with generally accepted accounting principles.

The company's assurances began to come under scrutiny on June 16, 2025, when PetMed announced that it would not timely file its annual report because it required additional time to compile and verify information and data required for its completion. PetMed also said that it expected to file its annual report within the applicable 15-day extension period.

Then, on July 1, 2025, PetMed announced that its Audit Committee commenced an internal investigation triggered by its receipt of a whistleblower complaint regarding the timing of revenue recognition with respect to certain autoship orders in Q4 2025, resulting customer complaints, and a Q4 2025 $50 coupon promotion to customers potentially impacting company key performance indicators.

Next, on July 28, 2025, PetMed announced the abrupt departure of its Audit Committee chair (Diana Garvis Purcel).

In addition, on August 11, 2025, the company announced that it would not timely file its quarterly financial statements for the period ended June 30, 2025, citing the need to complete the internal investigation.

The next day, August 12, 2025, PetMed announced that its CEO (Sandra Campos) and its CFO (Robyn D'Elia) agreed to resign effective immediately.

Finally, on October 7, 2025, the company revealed that its financial statements for the years ended March 31, 2024 and 2023, along with the interim years' quarters and the quarters ended June 30, 2024, September 30, 2024, and December 31, 2024 "should no longer be relied upon."

PetMed said that it overstated net sales by $6.969 million for the year ended March 31, 2024 and it overstated net sales by $9.01 million for the prior year. The company also said it accelerated shipment of autoship products to customers for the quarter ended March 31, 2025 to the quarter ended December 31, 2024 and again for the quarter ended June 30, 2025 to the quarter ended March 31, 2025. Moreover, the former Audit Committee Chair and former CFO did not report the whistleblower complaints to PetMed's external auditors on a timely basis.

As of October 9, 2025, PetMed has filed neither its annual nor most recent quarterly reports.

"We're focused on investors' losses and whether PetMed may have intentionally misled investors about its adherence to applicable accounting rules," said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in PetMed and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the PetMed investigation, read more »

Whistleblowers: Persons with non-public information regarding PetMed should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

SOURCE Hagens Berman Sobol Shapiro LLP