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BBBY.US
id: 266

BED BATH & BEYOND (BBBY) Shareholder Derivative Action Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
Supreme
Court
2:20-cv-04240
Case number
01 Jun 1992
Class period Start
13 Jun 2022
Class period End
01 Aug 2022
Claim 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.
Alleged Offence
Mismanagement
Misleading Statements
Breach of Fiduciary duty
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Robert Schneider, Michael A. Anthony, Olufemi Salu, Kevin Grooms, Greg Mantia
Attorneys
Kahn Swick & Foti, LLC, Robbins LLP
Judge
Hon. Leon Ruchelsman
Court hearing date
06 September 2022
Settlement conditions
$2,000,000 to Plaintiffs’ Counsel for their attorneys’ fees and expenses, Corporate Governance Reforms
Trades matching type
FIFO

Bed Bath & Beyond Inc

Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen...

    Ticker
    BBBY.US
    ISIN
    US0758961009
    CIK
    886158
    Sector
    Consumer Cyclical
    Industry
    Specialty Retailers
    Country
    USA
    Address
    650 Liberty Avenue, Union, NJ, United States, 07083