A lawsuit was filed on behalf of investors in Bed Bath & Beyond Inc. (NASDAQ: BBBY) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 04/27/2020 -- An investor, who purchased shares of Bed Bath & Beyond Inc. (NASDAQ: BBBY), filed a lawsuit over alleged violations of Federal Securities Laws by Bed Bath & Beyond Inc.
Investors who purchased shares of Bed Bath & Beyond Inc. (NASDAQ: BBBY) have certain options and for certain investors are short and strict deadlines running. Deadline: June 15, 2020. NASDAQ: BBBY investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
On January 8, 2020, Bed Bath & Beyond Inc 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 February 11, 2020, Bed Bath & Beyond Inc. announced its 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."
Shares of Bed Bath & Beyond Inc. (NASDAQ: BBBY) declined from $16.01 per share on February 6, 2020, to as low as $10.83 per share on February 12, 2020.
The plaintiff claims that between October 2, 2019 and February 11, 2020, the defendants made false and/or misleading statements and/or failed to disclose that, due to "aggressive disposition of inventory," the Company lacked sufficient inventory in key categories to support holiday sales, that the Company's internal control over inventory levels and financial reporting was not effective, that, as a result of the foregoing, the Company was likely to experience reduced sales, and 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.
Those who purchased shares of Bed Bath & Beyond Inc. (NASDAQ: BBBY) have certain options and should contact the Shareholders Foundation.
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