According to the Complaint, Gaia, Inc. purports to be a “global conscious media and community company that operates a global digital video subscription service that caters to a unique and underserved subscriber base.” It releases video content focused on yoga, meditation, spirituality, as well as on extraterrestrials and other niche topics.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) the Company’s first quarter 2019 subscriber count was overstated; (2) the Company lacked adequate internal controls; (3) as a result, defendants had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and (4) as a result of the foregoing, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

On March 23, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on May 22. Defendants filed a Motion to Dismiss the amended Complaint on July 21.

On October 20, Lead Plaintiff filed a second amended Complaint. The Court issued an Order denying the pending Motion to Dismiss as moot based on the filing of the second amended Complaint.

Defendants filed a Motion to Dismiss the second amended Complaint on November 20, 2023. On August 22, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.