id: 266, Created by Stan Vick, Scout
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01 Jun 1992Class period Start
13 Jun 2022Class period End
01 Aug 2022Claim deadline
IN RE BED BATH & BEYOND INC. STOCKHOLDER DERIVATIVE LITIGATION
"On January 8, 2020, BBBY withdrew its FY 2019 guidance. BBBY also reported a 3Q2019 adjusted loss of earnings per diluted share of $0.38 and an 8.3% decline in comparable sales. BBBY explained that this performance “was impacted to some extent by self-inflicted issues, like poor inventory management.” Then, on February 11, 2020, BBBY disclosed a “5.4% decline in comparable sales driven primarily by store traffic declines combined with inventory management issues,” which included “inventory within certain key categories in the [BBBY] assortment [that were] too low or out-of-stock during the period.” The Derivative Matters allege that the Individual Defendants breached their fiduciary duties by, inter alia: failing to exercise appropriate oversight over BBBY’s public statements, internal controls, and inventory management, ultimately resulting in reduced revenue and a decline in stock price; and publishing false and misleading statements regarding the same. The Federal Action also asserts claims in connection with BBBY’s repurchases of its stock at allegedly inflated prices."
Robert Schneider, Michael A. Anthony, Olufemi Salu, Kevin Grooms, Greg Mantia
Kahn Swick & Foti, LLC, Robbins LLP
Hon. Leon Ruchelsman
Court hearing date
06 September 2022
$2,000,000 to Plaintiffs’ Counsel for their attorneys’ fees and expenses, Corporate Governance Reforms