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SMG.US
id: 1254
Scotts Miracle-Gro (SMG) Inventory Misrepresentation Case
S.D. Ohio
Court2:24-cv-03132
Case number11/03/2021
Class period Start08/01/2023
Class period End08/05/2024
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
Case Consolidation
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/08/2022
Filing date
08/05/2024
Lead Plaintiff Deadline
08/05/2024
Judge
Algenon L. Marbley