NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Bed Bath & Beyond Inc. ("Bed Bath & Beyond” or the "Company”) (NASDAQ: BBBY).
If you purchased or otherwise acquired Bed Bath & Beyond common stock between March 25, 2022 and August 18, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than October 24, 2022 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery.
On Sunday, March 6, 2022, Ryan Cohen (“Cohen”) sent a letter to Bed Bath & Beyond's board disclosing that his investment firm RC Ventures LLC owned a 9.8% stake in Bed Bath & Beyond. Cohen’s letter also criticized management for “disappointing shareholder returns and perpetual underperformance and laid out suggestions to improve shareholder returns. Following this news, Bed Bath & Beyond shares increased in price by 34% on Monday, March 7, 2022 on heavy trading volume to close at $21.71 per share.
On August 16, 2022, RC Ventures LLC filed a Schedule 13D with the SEC stating that “[a]s of the date hereof, RC Ventures directly beneficially owned 9,450,100 Shares, including 1,670,100 Shares underlying certain call options, constituting approximately 11.8% of the Shares outstanding.” According to the complaint, the filing also revealed that Cohen, through RC Ventures, had held on to April call options that would only begin to pay out should the stock hit $60 per share before January 23, 2023. Following this news, Bed Bath & Beyond shares closed 29% higher on August 16, 2022 compared to the prior close, on heavy trading volume, to close at at $20.65 per share.
Then, on August 18, 2022, Cohen, through his investment firm RC Ventures
LLC, filed a Form 4 with the SEC reporting that his investment firm had sold all of its Bed Bath & Beyond shares. On August 18, 2022, Bed Bath & Beyond shares fell $4.53 per share, or 19.6%, to close at $18.53 per share. The next day shares plummeted an additional 40% to close at $11.03 per share on August 19, 2022.
A class action lawsuit was filed on behalf of investors who purchased Bed Bath & Beyond common stock during the Class Period alleging that during the Class Period Cohen, in conspiracy with the Company’s CFO and others, engaged in a fraudulent scheme to artificially inflate the price of the Company’s publicly traded stock.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
