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BBBY CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Bed Bath & Beyond Inc.

class action

From Businesswire 4/14/2020:

LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of New Jersey captioned Vitiello v. Bed Bath & Beyond, Inc., et al., (Case No. 2:20-cv-04240), on behalf of persons and entities that purchased or otherwise acquired Bed Bath & Beyond Inc. (“Bed Bath & Beyond” or the “Company”) (NASDAQ: BBBY) securities between October 2, 2019 and February 11, 2020, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action. If you are a shareholder who suffered a loss, click here to participate.

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.”

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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If you purchased Bed Bath & Beyond securities during the Class Period, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles H. Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-801-2829, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Glancy Prongay and Murray LLP, Los Angeles
Charles H. Linehan, 310-801-2829
www.glancylaw.com
shareholders@glancylaw.com

Data Byte DataByte-BBBY

Case Data Byte 
Law FirmGlancy Prongay & Murray LLP
Company NameBed Bath & Beyond Inc.
Stock SymbolBBBY
Class PeriodOctober 2, 2019 and February 11, 2020
Lead Plaintiff Motion DeadlineJune 14, 2020
Contact AttorneyCharles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067
Contact Phone310-801-2829
Contact Emailshareholders@glancylaw.com
Press Releasehttps://www.glancylaw.com/news-faqs/bbby-class-action-notice-glancy-prongay-murray-llp-files-securities-fraud-lawsuit-against-bed-bath-beyond-inc/
Case SummaryOn 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.”
 
About the CompanyBed Bath & Beyond Inc. is an American chain of domestic merchandise retail stores. Bed Bath & Beyond operates many stores in the United States, Canada, and Mexico.[3]

Bed Bath & Beyond was founded in 1971. It is currently part of the S&P 500 and Global 1200 Indices. It is also counted among the Fortune 500 and the Forbes Global 2000.[4][5]

 
 
  
Yahoo Financehttps://finance.yahoo.com/quote/BBBY
Websitehttps://www.bedbathandbeyond.com/
Wikipediahttps://en.wikipedia.org/wiki/Bed_Bath_%26_Beyond
Join Action Linkhttps://www.glancylaw.com/cases-application/join-case/bed-bath-beyond-inc/