BBBY INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action has Been Filed Against Bed Bath & Beyond...
April 15 2020 - 10:31AM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
Bed Bath & Beyond Inc. (“Bed Bath & Beyond” or the
“Company”) (NASDAQ: BBBY) between October 2, 2019 and February 11,
2020 (the “Class Period”). The lawsuit filed in the United States
District Court for the District of New Jersey alleges violations of
the Securities Exchange Act of 1934.
If you purchased BBBY securities, and/or would like to
discuss your legal rights and options please visit BBBY
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operations and prospects.
Specifically, Defendants made false and/or misleading statements
and/or failed 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 share price fell $3.20, or over 19%,
to close at $13.40 per share on January 9, 2020, on unusually heavy
trading volume.
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 share price fell $3.06 per share, or
over 20%, to close at $11.79 per share on February 12, 2020, on
unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court
no later than June 15, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
If you purchased Bed Bath & Beyond securities, and/or
would like to discuss your legal rights and options please
visit
https://www.bernlieb.com/cases/bedbathandbeyondinc-bbby-shareholder-class-action-lawsuit-stock-fraud-250/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200415005468/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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