NEW YORK, April 16, 2020 /PRNewswire/ -- 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.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP