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SBUX.US
id: 1326
Starbucks (SBUX) Disappointing Financial Results Case
W.D. Washington
Court2:24-cv-01362
Case number02 Nov 2023
Class period Start30 Apr 2024
Class period End28 Oct 2024
Lead Plaintiff motion deadline- $SBUX stockholders filed a claim against Starbucks for misleading them about its revenue outlook and downplaying risks in key markets.
- After the financial results on April 30, 2024, $SBUX dropped by over 15%.
- Starbucks investors can join this case to be notified about potential recovery.
Case Details:
On April 30, 2024, Starbucks announced disappointing second-quarter results.
The company revealed a 4% drop in global store sales, a 7% decline in traffic, and a 2% dip in revenue to $8.6 billion.
As a result, Starbucks lowered its outlook for the rest of 2024, citing challenges in China, where recovery was slower than expected and competition was intense.
On this news, $SBUX fell by over 15% on May 1, 2024.
Based on these events, $SBUX investors filed a claim against Starbucks, accusing the company of the following:
- Starbucks misled about its revenue outlook and growth potential.
- The company also downplayed risks in key markets like China.
Considering all the representations, investors suspect Starbucks misled them about its revenue outlook and growth potential while downplaying risks in key markets like China.
Case Status
Lead Plaintiff Submission
Alleged Offence
Mismanagement,
Misleading Statements,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
01 May 2024
Filing date
28 August 2024
Lead Plaintiff Deadline
28 October 2024