On May 17, 2023, Bowlero announced its Q3 2023 financial results. The Company disclosed as part of its results that it had failed to maintain appropriate controls over financial reporting related to, among other things, acquisitions and fixed assets. The Company also noted, “Additionally, we did not design and maintain effective controls over system access controls to establish segregation of duties for those with roles and responsibilities for the general ledger.” Following this news, on May 18, 2023 shares fell over 12%.