Shareholder Alert: Robbins LLP Announces Bed Bath & Beyond Inc. (BBBY) Sued for Misleading Shareholders
April 17 2020 - 3:33PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Bed Bath & Beyond Inc. (NASDAQ: BBBY) filed a
class action complaint against the Company for alleged violations
of the Securities Exchange Act of 1934 between October 2, 2019 and
February 11, 2020. Bed Bath & Beyond is a retailer that sells a
range of domestic merchandise and home furnishings.
If you suffered a loss as a result of Bed Bath & Beyond's
misconduct, click here.
Bed Bath & Beyond Inc. (BBBY) Accused of Misleading
Shareholders
According to the complaint, on October 2, 2019, Bed Bath &
Beyond touted its updated fiscal 2019 full year financial outlook
stating that "net sales are estimated to be around $11.4 billion
and net earnings per diluted share are estimated to be between
$2.08 and $2.13." Later that day, Bed Bath & Beyond stated that
the Company "[has] plans to aggressively reduce up to $1 billion of
inventory at retail over the next 18 months." Despite positive
forward-looking statements, on January 8, 2020, the Company
reported disappointing third quarter 2019 financials and withdrew
its fiscal 2019 full year financial outlook. Then, on February 11,
2020, the Company announced its preliminary fourth quarter 2019
financial results, revealing a "5.4% decline in comparable sales
driven by store traffic declines and inventory management issues"
as well as "inventory within certain key categories… [being] too
low or out-of-stock during the [holiday] period." On this news, Bed
Bath & Beyond's stock price fell over 20% to close at $11.79
per share. The stock continues to decline.
Bed Bath & Beyond Inc. (BBBY) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20200417005590/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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