NEW YORK, April 15, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Bed Bath & Beyond Inc. ("Bed Bath & Beyond" or the "Company") (NASDAQ: BBBY). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Bed Bath & Beyond and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 8, 2020, Bed Bath & Beyond withdrew its fiscal year 2019 guidance, citing pressures on sales and profitability, as well as a new strategic plan for the Company's operations. On this news, Bed Bath & Beyond's stock price fell $3.20 per share, or over 19%, to close at $13.40 per share on January 9, 2020.
Then, on February 11, 2020, Bed Bath & Beyond issued a press release announcing preliminary fourth quarter 2019 financial results. Therein, the Company disclosed "a 5.4% decline in comparable sales driven primarily by store traffic declines combined with inventory management issues," including that "inventory within certain key categories in the Bed Bath & Beyond assortment was too low or out-of-stock during the period." On this news, Bed Bath & Beyond's stock price fell $3.06 per share, or over 20%, to close at $11.79 per share on February 11, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 9980
