NEW YORK, April 16, 2020 (GLOBE NEWSWIRE) -- Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces the filing of a class action lawsuit against Bed Bath & Beyond Inc. ("Bed Bath & Beyond" or the "Company") (NASDAQ: BBBY) and other defendants related to alleged violations of federal securities laws. If you purchased Bed Bath & Beyond securities between October 2, 2019 and February 11, 2020, inclusive (the "Class Period"), you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at (844) 818-6980 or rswartz@scott-scott.com.
Bed Bath & Beyond is a chain of domestic merchandise retail stores.
The lawsuit alleges that the Company made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked sufficient inventory to support holiday sales; (2) the Company’s internal inventory controls were ineffective; and (3) as a result, the Company was likely to experience reduced sales.
On January 8, 2020, Bed Bath & Beyond withdrew its guidance for fiscal year 2019, purportedly due to pressures on sales and profitability, as well as a new strategic plan for the Company’s operations.
Following this news, the Company’s share price fell $3.20, or over 19%, to close at $13.45 per share on January 9, 2020.
Then, on February 11, 2020, Bed Bath & Beyond issued a press release disclosing "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, the Company's share price fell $3.06 per share, or over 20%, to close at $11.79 per share on February 12, 2020.
What You Can Do
If you purchased Bed Bath & Beyond securities between October 2, 2019 and February 11, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or rswartz@scott-scott.com. The lead plaintiff deadline is June 15, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
rswartz@scott-scott.com