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SMG.US
id: 1254

Scotts Miracle-Gro (SMG) Inventory Misrepresentation Case

S.D. Ohio
Court
2:24-cv-03132
Case number
03 Nov 2021
Class period Start
01 Aug 2023
Class period End
05 Aug 2024
Lead Plaintiff motion deadline
  • $SMG stockholder filed a claim vs. Scotts Miracle-Gro for hiding excessive inventory levels and the risk of breaching debt agreements.
  • On August 2, 2023, after the financial results, $SMG dropped by 19%.
  • Scotts investors can join this case to be notified about potential recovery.
Case Details:

On June 8, 2022, Scotts admitted it missed sales targets, causing $SMG to drop by 8.9%, losing $514M+ in shareholder value.

Then, on August 2, 2023, Scotts reported lower sales for the Q3, cut its earnings forecast, and wrote down $20M of excess inventory, leading to a $SMG 19% drop.

Based on these events, a $SMG stockholder filed a claim against Scotts and its leaders, accusing them of the following:
  • Scotts was unable to manage its inventory and financial ratios.
  • The oversupply of inventory and subsequent financial disclosures harmed the company's financial stability.
Considering all the representations, investors have reasons to suspect that Scotts hid excessive inventory levels and the risk of breaching debt agreements.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements
Financial Misrepresentation
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 June 2022
Filing date
05 August 2024
Lead Plaintiff Deadline
05 August 2024
Judge
Algenon L. Marbley
Collecting participants…

Scotts Miracle-Gro Company

The Scotts Miracle-Gro Company, together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and interna...

    Ticker
    SMG.US
    ISIN
    US8101861065
    CIK
    825542
    Sector
    Basic Materials
    Industry
    Agricultural Inputs
    Country
    USA
    Address
    14111 Scottslawn Road, Marysville, OH, United States, 43041