The investigation centers on the August 27, 2026, resignation of Katharyn Field, who served as both CFO and principal accounting officer. Her exit, cited officially as being for personal reasons, arrived mere days after the company began trading on August 25. The announcement sparked a volatile sell-off, with shares plummeting $3.34—a 90% decline—over the following two trading days. By September 14, the company’s market capitalization had eroded by approximately $2.9 billion.

Reed Kathrein, the Hagens Berman partner heading the inquiry, stated the firm is focused on the circumstances surrounding the executive departure. Investigators are currently evaluating whether Advasa’s leadership provided accurate information regarding the firm's operational readiness and accounting stability during its market entry. The firm is also soliciting information from potential whistleblowers, highlighting the possibility of rewards under SEC programs for those with non-public details regarding the company’s internal practices.