Lamb Weston Holdings, Inc.
| Company Name | Lamb Weston Holdings, Inc. |
| Stock Symbol | LW |
| Class Period | July 25, 2023 to April 03, 2024 |
| Lead Plaintiff Motion Deadline | August 12, 2024 |
On April 4, 2024, Lamb Weston disclosed that it had experienced significant challenges in its transition to its highly-touted new Enterprise Resource Planning (”ERP”) software system, causing the Company to lose $135 million in sales during the third quarter of fiscal 2024. Additionally, the Company lowered its sales guidance for the remainder of the full fiscal year by $330 million.
On this news, Lamb Weston’s stock price fell $19.59, or 19.4%, to close at $81.53 per share on April 4, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) knew of, or recklessly disregarded, problems associated with the ERP system that would hinder its successful implementation; (2) pushed ahead with its implementation of an ERP system that was not ready to go live, knowing that a premature roll-out would have a material negative impact on the Company’s business and operations; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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