LOS ANGELES, Aug. 29, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Starbucks Corporation ("Starbucks" or the "Company") (NASDAQ: SBUX) investors of a class action representing investors that bought securities between November 2, 2023 and April 30, 2024, inclusive (the "Class Period"). Starbucks investors have until October 28, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
CASE ALLEGATIONS: Starbucks, along with its subsidiaries, is a global coffee roaster, marketer, and retailer.
The Starbucks class action lawsuit alleges that during the Class Period, Starbucks and its affiliates made false or misleading statements and/or failed to disclose that: (i) the defendants created a misleading impression of having reliable information about Starbucks' future outlook and anticipated growth while downplaying risks associated with seasonality and expansion in foreign markets, especially China; (ii) Starbucks’ Reinvention platform, which was touted as a global growth strategy, did not meet the company's stated objectives; and (iii) Starbucks' plan was not adequately prepared for existing macroeconomic uncertainties and competitive pressures, particularly in China.
The lawsuit further claims that on April 30, 2024, Starbucks reported disappointing second-quarter 2024 results, including a 4% global decline in store sales, a 7% drop in customer traffic, and a 2% decrease in new revenues to $8.6 billion. Additionally, Starbucks lowered its fiscal year 2024 guidance, citing declines in global store sales, net revenues, and both GAAP and non-GAAP earnings. Following this announcement, Starbucks' stock price reportedly fell by more than 15%, according to the complaint.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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