NEW YORK, April 15, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Bed Bath & Beyond Inc. (“Bed Bath & Beyond” or the “Company”) (NASDAQ: BBBY) in the United States District Court for the District of New Jersey on behalf of those who purchased or acquired the securities of Bed Bath & Beyond between October 2, 2019 and February 11, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Bed Bath & Beyond investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) due to “aggressive disposition of inventory,” the Company lacked sufficient inventory in key categories to support holiday sales; (2) the Company’s internal control over inventory levels and financial reporting was not effective; (3) as a result of the foregoing, the Company was likely to experience reduced sales; and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of Bed Bath & Beyond during the Class Period should contact the Firm prior to the June 15, 2020 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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