An investigation on behalf of current long term investors in NASDAQ:WFM shares over possible breaches of fiduciary duty by certain officers and directors Whole Foods Market, Inc. was announced and NASDAQ:WFM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/17/2016 -- An investigation for investors in shares of Whole Foods Market, Inc. was announced concerning potential breaches of fiduciary duties by certain Whole Foods Market directors.
Investors who are current long term investors in Whole Foods Market, Inc. (NASDAQ:WFM) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm for investors in NASDAQ:WFM stocks follows a lawsuit filed against Whole Foods Market, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:WFM stocks, concerns whether certain Whole Foods Market, directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Western District of Texas the plaintiff alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company routinely overstated the weight of its pre-packaged products and overcharged customers; and (ii) as a result of the foregoing, Defendants' statements about Whole Foods's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On June 25, 2015, the New York City Department of Consumer Affairs ("NYCDA") announced it had uncovered "systematic overcharging for pre-packaged foods" at Whole Foods' eight New York City locations. On a survey of 80 different types of prepackaged products, NYCDA reported that it had found thousands of potential overcharging violations. In response, the Company stated that there was no evidence of overcharging and responded that it would vigorously defend itself against what it described as "overreaching allegations" by NYCDA.
Shares of Whole Foods Market, Inc. (NASDAQ:WFM) declined to as low as $35.21 per share on July 31, 2015.
Those who purchased shares of Whole Foods Market, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com