Bed Bath & Beyond Inc.
|Company Name||Bed Bath & Beyond Inc.|
|Class Period||October 02, 2019 to February 11, 2020|
|Lead Plaintiff Motion Deadline||June 15, 2020|
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."
On this news, the Company's share price fell as much as $3.51 per share, or nearly 24%, during intraday trading on February 12, 2020, on unusually heavy trading volume.
The complaint alleges that 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.
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