Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Bed Bath & Beyond, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Bed Bath & Beyond, Inc. (“Bed Bath & Beyond” or the “Company”) (NASDAQ:BBBY) of the June 15, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Bed Bath & Beyond stock or options between October 2, 2019 and February 11, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Bed Bath & Beyond securities between October 2, 2019 and February 11, 2020 (the “Class Period”). The case, Vitiello et al v. Bed Bath & Beyond Inc. et al., No. 2:20-cv-04240 was filed on April 14, 2020.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that, due to “aggressive disposition of inventory,” the Company lacked sufficient inventory in key categories to support holiday sales; (2) that the Company’s internal control over inventory levels and financial reporting was not effective; (3) that, as a result of the foregoing, the Company was likely to experience reduced sales; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On January 8, 2020, Bed Bath & Beyond withdrew its fiscal 2019 guidance, purportedly due to pressures on sales and profitability, as well as a new strategic plan for the Company’s operations.
On this news, the Company’s stock price fell from $16.65 per share on January 8, 2020 to $13.45 per share on January 9, 2020: a $3.20 or 19.22% drop.
Then, on February 11, 2020, Bed Bath & Beyond issued a press release announcing preliminary fourth-quarter 2019 financial results. Therein, the Company disclosed “a 5.4% decline in comparable sales driven primarily by store traffic declines combined with inventory management issues,” including that “inventory within certain key categories in the Bed Bath & Beyond assortment was too low or out-of-stock during the period.”
On this news, the Company’s stock price fell from $14.85 per share on February 11, 2020 to $11.79 per share on February 12, 2020: a $3.06 or 20.61% drop.
Bed Bath & Beyond, Inc. (BBBY)
* The submission of this form does not create an attorney-client relationship.
Filed on 04/15/2020
Lead Plaintiff Deadline 06/15/2020
685 Third Avenue 26th Floor
10017 New York, New York
Phone (212) 983-9330
Fax (212) 983-9331
Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331