NEW YORK--(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.
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